The XRP Ledger (XRPL) network, which uses XRP as its native token, has seen its usage collapse by 50% over the past two weeks.
As of June 16, the number of daily active addresses on the XRP Ledger had fallen to around 25,000, down from roughly 50,000 two weeks earlier, according to data from Santiment, analyzed by Finbold on June 19.
The XRPL network’s activity has dropped gradually over the past two weeks, signaling a sustained pullback in demand for on-chain transactions. Furthermore, the XRPL 30-day transfer volume for Real World Assets (RWA) crashed by 69.39%, hovering at approximately $44.93 million at press time, based on metrics from RWA.xyz.
Additionally, the XRPL’s distributed asset value declined by 10.83% over the past 30 days, with a total of about $360.32 million at the time of reporting. However, the number of addresses on the XRP Ledger has continued to grow over the past few months, hovering around 8,369,664 at the time of reporting, as per updates from CryptoQuant.
XRP Ledger tokenization growth amid low on-chain activity
Although the XRPL network has recently experienced a significant decline in usage, demand for tokenization has remained strong. Over the past 30 days, the network’s stablecoin market cap surged by 17.73% to $922.42 million on Friday.
Additionally, the network’s stablecoin holders increased by 1% over the past 30 days, hovering at approximately 59,310 at the time of reporting. As such, the XRPL’s 30-day stablecoin transfer volume spiked by 22.84%, reaching $5.11 billion.
Consequently, if the demand for tokenization continues in the near future, the network’s on-chain activity could rebound and vice versa.
