High On-Chain Activity of XRPL According to Recent XPMarket Report

A recent report from XPMarket highlights that the XRP Ledger (XRPL) exhibits significantly high on-chain activity, showing a lower dormancy rate compared to Bitcoin and Ethereum.

Although XRP’s price fell below $3 during a recent market downturn, the XPMarket report indicates that XRPL continues to demonstrate vitality. The findings suggest that XRP’s circulation is much more active than that of Bitcoin or Ethereum, with less supply sitting idle for extended periods.

Assessment Metrics

The study evaluated 7.016 million wallets using complete ledger data up to September 23, 2025 (ledger 99,046,276), excluding 35.3 billion XRP locked in escrow and reserves, focusing instead on the 64.7 billion in circulating supply.

XRPL Dormancy Compared to Bitcoin

According to analysts, over 20% of Bitcoin supply is dormant, while Ethereum shows even higher long-term inactivity. This indicates that XRPL wallets tend to either become permanently inactive quickly or continue to transact regularly.

The report emphasizes that liquidity remains one of XRPL’s strengths. Notably, wallets that were active in the past year control 54.4 billion XRP, which is 84.2% of the circulating supply. In the last 90 days alone, 31.7 billion XRP, or 49% of the total supply, changed hands.

XRP Ledger Wallet Activity

Regarding wallet engagement, 49.8% of wallets conducted transactions in the past year, with approximately 6.7% having moved funds in the last 30 days, accounting for 34.8% of the circulating supply. Additionally, 15.1% of wallets transacted between 91 and 180 days ago, holding 30% of the supply. Recently active wallets tend to have larger balances, averaging 48,143 XRP for those that transacted in the last month.

Wallets with No Transactions

The report found 308,736 accounts that have never sent a transaction, collectively holding 2.4 billion XRP (3.8% of circulating supply). These accounts have a median balance of 176 XRP, likely indicating cold storage or long-term holding without active transaction strategies.

Whale Activity and Transaction Volume

Large holders are exhibiting even higher engagement. XPMarket identified 2,693 wallets containing at least 1 million XRP, with a combined holding of 39 billion XRP, averaging 14.7 million each. Notably, 98.6% of these wallets have been active within the past year, while only 37 have remained inactive for over a year.

The network has demonstrated resilience over time, with about 11.6% of wallets last moving funds 2–3 years ago, and a mere 0.5% having remained active since the genesis era (over 10 years).

Additionally, independent data corroborates these findings. XRPScan reports an average of 23,000 daily active addresses since February 2025, with activity peaking at around 40,000 between November 2024 and January 2025 when XRP’s price surged from $0.50 to over $3.

The network maintains an average of 1.7 million transactions per day since April, adding approximately 4,000 new accounts daily.

XPMarket CEO Dr. Artur Kirjakulov remarked that XRP’s low level of potentially lost supply compared to Bitcoin, coupled with broad participation from large holders, indicates that XRPL has evolved into a robust, institutional-grade infrastructure.