Despite broader market optimism and a surge in new XRP addresses, user engagement on the XRP Ledger appears to be slipping.
According to data in the Finbold H1 2025 Cryptocurrency Market Report, between January 1 and June 30, 2025, the number of total XRP addresses rose from 6,282,144 to 7,116,378, an increase of over 834,000.
This growth was split across both quarters: Q1 accounted for 528,997 new addresses, while Q2 added another 305,237. Yet active address counts moved in the opposite direction, dropping from 39,515 to 26,807 by the end of the first half.
That’s a net loss of 12,708 active wallets in Q2, on top of the 16,772 decline already reported in Q1. In other words, while more users are entering the XRP ecosystem on paper, fewer are interacting with the network regularly.
The disconnect between new wallet creation and actual network activity suggests growing passive interest, possibly from investors parking funds or institutions onboarding for future use, rather than immediate participation with the network.
XRP Q1 active address decline
The Q1 decline came despite regulatory tailwinds, including SEC Chair Gary Gensler stepping down and Ripple CEO Brad Garlinghouse stating that major legal overhangs had been resolved. At the time, unique active addresses fell from 39,515 to 22,743.
Combined, these trends point to a 42.2% decline in active addresses during H1 2025, even as XRP’s price and institutional profile gained momentum.
With new address growth outpacing actual network activity, the data raises fresh questions about the quality of engagement in the XRP ecosystem, and whether the influx of new users will eventually translate into sustainable usage.
