The explosive speculative wave that pushed XRP activity to multi-year highs in late 2024 appears to have cooled dramatically, according to new on-chain data from Glassnode. Yet despite the sharp slowdown in network participation, fresh comments from Brad Garlinghouse are reigniting speculation about what could come next for XRP holders.
Glassnode data shows that daily new addresses on the XRP network have collapsed from roughly 18,000 in December 2024 to just 2,700 recently — an 85% decline that signals a major unwinding of the retail frenzy that dominated the market during XRP’s breakout rally.
The decline goes beyond just new users entering the ecosystem. Monthly active supply has also dropped significantly, falling from approximately 7.45 billion XRP moving daily to around 2 billion XRP. The figures suggest that transactional activity and speculative trading intensity across the network have cooled sharply after months of elevated momentum.
The slowdown marks a stark contrast from the euphoric environment seen during the final months of 2024, when XRP became one of the crypto market’s strongest-performing large-cap assets. During that period, traders aggressively rotated into XRP amid optimism surrounding regulatory developments, expanding institutional partnerships, and growing speculation around Ripple potentially pursuing an IPO in the future.
Now, much of that speculative energy appears to have faded.
The drop in address creation and active supply suggests that short-term traders who previously fueled XRP’s surge may have exited the market or reduced activity substantially. Analysts often view these types of network contractions as a sign that a market is transitioning from speculative mania into consolidation.
Still, XRP’s current slowdown does not necessarily indicate weakening long-term interest in Ripple’s broader ecosystem.
Ripple continues to expand its institutional payment infrastructure globally, particularly across cross-border settlement, tokenization, and banking integrations. The company has increasingly positioned itself as a bridge between traditional finance and blockchain infrastructure, with XRP remaining central to liquidity and settlement discussions tied to the XRP Ledger ecosystem.
Related: Kenya Launches XRPL-Based Genomic Identity Pilot With XRP Infrastructure
That backdrop is part of why recent comments from Brad Garlinghouse have generated renewed excitement despite weakening on-chain metrics.
Garlinghouse recently suggested Ripple may do “something special” for XRP holders following a future IPO event, fueling widespread speculation throughout the crypto market. While no concrete details were provided, the remarks quickly sparked discussions around possible ecosystem incentives, community-focused initiatives, or new utility mechanisms tied to XRP ownership.
The timing of the comments is notable. XRP’s network activity may be cooling, but investor attention surrounding Ripple’s long-term plans remains elevated. Many traders continue to view a potential Ripple IPO as one of the most important future catalysts for the XRP ecosystem.
Historically, XRP has experienced large cyclical swings in activity tied to market narratives and retail momentum. Previous periods of declining network usage have often been followed by renewed bursts of speculation once a new catalyst emerges.
For now, the data paints a picture of a market that has shifted away from peak speculation. But with Ripple continuing to deepen its institutional footprint and IPO discussions intensifying, many investors appear to be watching closely for signs that the next major XRP narrative could already be forming.