On-chain metrics for XRP are painting a troubling picture, showing that the number of unique active addresses on the XRP Ledger (XRPL) have fallen to their lowest level in 2026. Specifically, as of February 24, the number of XRP Ledger active addresses sits at 14,551, down from the 2026 peak of 32,684 seen on February 10, as per data retrieved by Finbold from on-chain market data analytics platform CryptoQuant . XRP Ledger active addresses. Source: CryptoQuant XRP Ledger activity drops XRP active addresses are widely viewed as a key measure of blockchain health, reflecting overall user engagement, meaning the 55% decline in activity signals weakening activity across the Ledger. However, the decline in publicly visible XRPL activity metrics may reflect institutional trading migrating into private permissioned pools rather than a sharp drop in overall demand. Ripple also plans on introducing native lending functionality and zero-knowledge, proof–based privacy tools under a future XRPL 3.0 framework. These updates could expand on-chain credit markets and deepen institutional participation, reversing the negative trend. Nonetheless, it must be mentioned that the shift toward gated liquidity comes with some fresh concerns. For example, liquidity fragmentation between open and permissioned order books could affect price discovery. At the same time, traditional retail-facing metrics may no longer fully capture on-chain activity, as a greater share of volume could occur within credential-gated environments rather than fully open markets. All in all, then, the longer-term development remains constructive. Ripple has XRPL upgrades slated for 2026 aimed at enhancing tokenization and institutional functionality. Additionally, Japan’s SBI Holdings is issuing blockchain-based bonds with XRP-linked rewards, suggesting institutional experimentation with the asset is far from over. What’s next for XRP? Meanwhile, XRP has lost nearly 30% year-to-date, currently trading around $1.33 and threatening to drop below $1 in the following days, as whale activity goes up. YTD XRP price. Source: Finbold New data shows that more than 31 million XRP tokens were transferred to Binance in a single day. The surge in exchange inflows was driven almost entirely by whale wallets. In the days leading up to the surge, exchange inflows remained relatively muted, and sharp increases in whale inflows to exchanges have historically preceded heightened volatility, as such transfers often signal intent to sell. If a meaningful portion of the 31 million-plus XRP is liquidated, it could intensify selling pressure and raise the risk of a move below the key $1 support level. Featured image via Shutterstock The post XRP active addresses crash to the lowest level in 2026 appeared first on Finbold .
