XRP Network Activity Hits Multi-Month Low as New Wallet Creation Collapses 85%

On-chain data shared by analyst CryptoBusy shows Ripple's XRP network has seen a sharp deterioration in user activity since late 2024. New wallet creation has fallen from roughly 18,000 per day in December 2024 to around 2,700 today — an 85% drop over roughly five months. Active XRP supply has declined in parallel over the same period.

The divergence is notable given that institutional adoption headlines have continued to flow. Strong custody and product announcements at the institutional layer are not translating into grassroots on-chain engagement, at least not yet. Shrinking active supply and wallet creation together suggest retail participation has cooled significantly, leaving the network increasingly dependent on larger, less frequent movers.

For XRP bulls, the thesis rests on institutional rails eventually pulling retail back in. Until wallet creation trends reverse, the…