XRP On-Chain Activity Thins to 25.3K Wallets as Flow Share Flips From Coinbase to Bittrex
Active addresses down 47% from June peak, new wallet creation at 15-month low, and exchange flow share rotating away from Coinbase toward Bittrex.
XRP is holding near $1.10, roughly unchanged on the day, but the ledger’s usage metrics have decoupled sharply from price stability. Santiment data puts daily active addresses at 25,350, the second-lowest reading of 2026, down from a June peak of approximately 48,000 — a 47% decline. New wallet creation has fallen to 2,130, the weakest print since November 2024.
Wallet Formation Has Stalled Since the Late-June Low
The current wallet-creation figure is a more than 50% drop from a single-day spike of 4,941 new wallets recorded in late June, when XRP traded near $1.01, a 19-month low. That spike marked a wave of dip-buying as new participants entered the network during peak weakness.
With price now range-bound between $1.05 and $1.15, that inflow of fresh addresses has effectively dried up. For positioning purposes, this indicates whatever demand exists at current levels is coming from existing holders rotating capital rather than new capital entering the network.
Exchange Flow Share Rotates Away From Coinbase
A second data point compounds the wallet-activity slowdown. Net XRP flow data from Xaif Crypto shows Coinbase’s share collapsing from roughly 28% to 1.8%, while Bittrex’s share has climbed to nearly 30% — its highest reading in months.
The rotation happened without any corresponding directional move in price, which stayed flat near $1.10 throughout. A migration of volume away from a heavily regulated venue like Coinbase toward a platform with comparatively lighter institutional oversight is worth flagging for order-flow tracking, even though it doesn’t yet constitute a confirmed setup.
Structural Catalysts Sit Apart From the Price Chart
Several ledger-level developments could reactivate usage independent of spot price. Ripple’s RLUSD stablecoin has processed over $2.5 billion in settlement volume on the XRP Ledger, and roughly $4 billion in tokenized real-world assets are now live on XRPL.
JPMorgan, Mastercard and Ondo reportedly settled a Treasury redemption on XRPL in approximately four seconds, and the XRPL EVM sidechain has gone live, opening the network to new DeFi and lending deployments. Separately, the SEC has submitted additional legal material in the remedies phase of its case against Ripple, addressing the final penalty and injunction scope — a procedural filing that leaves the underlying case open.
Range Levels for Positioning
Price structure remains boxed between $1.08 and $1.17. A volume-backed break above $1.17 — driven by a Clarity Act development, RLUSD growth data, or broader market strength — opens a path toward $1.22.
The base case for now is continued chop between $1.08 and $1.12 on thin volume. A loss of $1.08, particularly on an adverse SEC development or broader market weakness, puts $1.05 in play, with $1.00 as the next support beneath that.
Read more: XRP’s $1.08 Floor Holds as Net Longs Fade and RSI Flatlines at 48