- Ripple’s XRP Ledger sees 7x spike in active addresses, while on-chain flows confirm capital is rotating in, not out.
- Do large holders know something the market doesn’t?
Two quarters into 2025, Ripple [XRP] is still trading around its January baseline.
Even after shaking off the April sell-off with a 51% bounce, the recovery looks muted, especially next to Ethereum’s [ETH] 93% run over the same stretch.
The Short-Term Holder NUPL (Net Unrealized Profit/Loss) highlights this contrast. It dropped into capitulation twice since the April correction, showing that weak-handed holders exited quickly in response to volatility.
But where is this liquidity rotating to? As AMBCrypto flagged, XRP’s ongoing consolidation might not be a sign of weakness, but rather a coiled spring – one backed by institutional flows rather than retail hype.
XRP Ledger sees explosive on-chain growth
Ripple’s XRP Ledger, the underlying Layer 1 blockchain, is showing a breakout in on-chain activity, well beyond speculative trading.
According to Santiment, interacting addresses on the XRP ledger have averaged over 295,000 per day in the past week, a massive 7x surge from the typical 35,000–40,000 daily average seen over the last three months.
On the DeFi side, things are heating up too.
Total Value Locked (TVL) has climbed 3.23% in just 24 hours, pushing back up to $60.1 million after slipping to post-election lows. Plus, XRP’s stablecoin market cap has jumped 7.6% this week, now sitting at $71.07 million.
Source: DeFiLlama
On-chain data reveals a network gaining strength, not just in user activity, but in capital commitment. Liquidity isn’t exiting; it’s consolidating within the ecosystem.
But the real spotlight lands on the whales. For the first time in Ripple’s 12-year history, more than 2,700 wallets now each hold at least 1 million XRP.
Could these large holders be anticipating something the broader market has yet to fully recognize?
Ripple takes a step closer to Wall Street
June is already laying down critical markers for what could be a breakout Q3 for Ripple. In less than a week, two major institutional catalysts have surfaced.
First came the $500 million XRP Ledger treasury allocation, signaling the company’s first coordinated on-chain treasury strategy. A big move, but possibly just the prelude.
Now, the spotlight shifts to something far more market-defining. A spot XRP ETF is officially moving forward. Purpose Investments has secured its final prospectus receipt, clearing regulatory hurdles to launch the first-ever spot XRP ETF.
The product is slated to list on the Canadian Stock Exchange under the ticker [XRPE], making Ripple’s first step closer to Wall Street, a game-changer for its institutional presence.
And judging by the way liquidity is moving, it looks like smart money is already getting into position.
Bigger wallets are stacking, on-chain activity is heating up, and the focus seems to be shifting from hype to long-term value.
That said, Ripple might finally be making the jump from speculative asset to serious institutional vehicle.
