XRP Network Activity Cools Sharply: New Addresses Down 85% Since December 2024

New addresses appearing on the XRP network have collapsed from roughly 18,000 per day in December 2024 to around 2,700 per day today — an 85% decline that points to a significant retreat in network participation since the late-2024 price surge.

Monthly active supply tells a consistent story: XRP moving on-chain has dropped from 7.45 billion XRP per day to approximately 2 billion XRP per day over the same period. Together, these figures suggest the speculative wave that drove XRP's late-2024 rally has largely unwound at the network level.

Glassnode's Supply by Age metric, which segments total circulating supply into holding-period cohorts from recently moved "hot" coins to long-dormant "cold" coins, provides the underlying framework for this analysis. The shift in cohort distribution can indicate whether a market is in an accumulation phase or cooling off after a speculative episode.