Glassnode
Network activity on the XRP Ledger has rolled over hard since the late-2024 rally. New addresses appearing on the network collapsed from roughly 18,000 per day in December 2024 to about 2,700 per day, an 85% decline. Monthly active supply tells the same story, dropping from 7.45B XRP per day to approximately 2B XRP per day over the same period.
The unwind is the speculative layer cooling off, not necessarily a structural break in the network. Coin age distribution from Glassnode's Supply by Age metric is the lens to watch: if the bulk of supply is migrating into older, dormant cohorts, it suggests holders are sitting tight through the drawdown; if younger bands are still rotating, the activity decline has further to run. The metric classifies coins from hot supply (recently moved) to cold supply (older, dormant), giving a read on whether the network is maturing or thinning out.
For now the read is caution rather than crisis — the speculative wave that drove the late-2024 surge has largely unwound at the network level, and on-chain participation is back to levels last seen before the move.
Why it matters
A falling new-address count combined with falling active supply means the marginal buyer and the active trader have both stepped back. That is the signature of a market that has lost its retail impulse but where long-term holders have not necessarily distributed.
What to watch
Whether older coin cohorts continue absorbing supply — a sign of holder conviction — or whether they start rotating, which would mark a deeper flush of the post-rally positioning.
Source: [XRP Supply by Age Chart - Glassnode — Glassnode Studio](https://studio.glassnode.com/charts/breakdowns.SupplyByAge?a=XRP)
Frequently asked questions
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What does XRP's Supply by Age metric show?
It categorizes the total XRP supply into age cohorts, separating hot supply (recently moved coins) from cold supply (older, dormant coins), to show whether the network is dominated by long-term holders or active traders.
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How much have new XRP addresses dropped since December 2024?
New addresses on the XRP Ledger fell from roughly 18,000 per day in December 2024 to about 2,700 per day, an 85% decline.
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What happened to monthly active XRP supply over the same period?
Monthly active supply dropped from 7.45 billion XRP per day to approximately 2 billion XRP per day, mirroring the collapse in new addresses.
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Is the XRP network activity decline a sign of a structural break?
It looks more like the speculative layer cooling off after the late-2024 rally than a structural break, though Coin age distribution will tell whether holders are sitting tight or rotating out.
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What should investors watch next on the XRP network?
Whether older coin cohorts keep absorbing supply — a sign of holder conviction — or start rotating, which would mark a deeper flush of post-rally positioning.
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