XRP slipped to about $0.98 this week before recovering toward $1, extending a retreat that erased much of its May rally. The price action came as on-chain data for the XRP Ledger showed a split picture: active addresses have climbed back to May levels, while whale inflows to Binance have dropped to their lowest in five years.
Active addresses return to May peak
The number of daily active addresses on XRPL hit 49,929 in a 24-hour period this week, the highest reading in more than two months. That's about 3% above the 48,453 recorded in May, when XRP traded above $1.54. The recovery follows a rough patch: daily active addresses fell to 25,350 by July 10, the second-lowest reading of 2026, before bouncing back over the following month.
Stablecoin holders up, market cap down
Stablecoin holders on XRPL climbed 37% over the past month to roughly 82,100, up from about 60,000. Transfer volume rose 8.4% to $4.61 billion over the same period. But the stablecoin market cap fell 6.8% to $906.8 million, a sign that growth in user numbers hasn't translated into more value locked on the chain.
Tokenized assets show a similar divergence
Holders of tokenized real-world assets on XRPL increased 29% to 217, while 30-day transfer volume dropped almost 27% to $242.35 million. Distributed RWA value declined 1.9% to $485.18 million, and represented asset value slipped 0.3% to about $4.05 billion. So more wallets are participating, but the volume and value are shrinking.
Whale flows to Binance hit 2021 levels
The three-month average of whale inflows to Binance for XRP has fallen to about $61 million, its lowest since 2021. That's down from $456 million in January 2025 and $355 million in October 2025. Current inflows are six to eight times below earlier levels, though net flows remain positive at about $18.8 million, meaning more XRP is still moving to the exchange than leaving.
Developers focus on retaining cycle activity
Vet, a prominent XRPL validator, said developers need to keep more of the activity that arrives during stronger crypto-market cycles rather than letting those bursts fade. Network development efforts have increasingly centered on deeper liquidity, decentralized trading, consumer applications, stablecoins, and tokenized assets. The question is whether those efforts can turn short-term spikes into lasting usage.
