The Crypto Basic

Daily new addresses on the XRP Ledger have dropped sharply from the December 2024 highs, driven by a decline in speculative momentum.

XRP network activity has slowed since the explosive rally that dominated the market in late 2024. As price action turned negative, new address creation and monthly active supply dropped with it, highlighting a cautious stance among market participants.

Key Points

• Network activity on the XRP Ledger has dropped sharply from December 2024 highs as speculative momentum fades.
• New daily XRP addresses drop 85% from 18,000 in December 2024 to 2,700 today.
• XRP active supply has also dropped from 7.45 billion to 2 billion per day.
• The decline in activity does not necessarily indicate long-term weakness for XRP.

New Wallet Creation Drops 85%

Recent on-chain data from Glassnode shows a steep decline in both wallet creation and active token movement, signaling that much of the speculative momentum behind the late 2024 price surge has cooled.

For the uninitiated, XRP surged from around $0.50 in November 2024 to above $3 within months on the back of President Donald Trump’s election victory. Naturally, that type of rapid expansion attracted heavy speculative inflows across the network.

The data shows that one of the clearest shifts appears in new wallet creation across the XRP Ledger. In December 2024, the network added roughly 18,000 new addresses per day during the height of the rally. Today, that figure has dropped to approximately 2,700 new addresses per day, marking an 85% decline over the past several months.

XRP Active Supply Also Shows Declining Participation

At the same time, XRP’s monthly active supply metrics paint a similar picture. During the late-2024 rally, active supply averaged around 7.45 billion XRP per day as trading activity and capital rotation accelerated across the ecosystem.

However, current readings indicate that the figure has fallen to roughly 2 billion XRP per day. The sharp slowdown suggests that fewer participants are actively moving tokens across the network compared to the highly speculative conditions seen during the Donald Trump-inspired rally.

Such a decline in network activity is in the likeness of a typical post-bull-market uptrend. As volatility declines, short-term traders usually step back, leading to lower transaction activity and reduced speculative participation.

XRP Price Resilient as Accumulation Grows

Notably, the decline in activity does not necessarily indicate long-term weakness for XRP. Instead, it reflects how quickly speculative demand can aggressively fade.

Meanwhile, despite the slowdown, the XRP price has shown resilience. While it remains well below its July 2025 peak of $3.66, it has retained some of the gains. The coin is still up 176% from the November 2024 price, despite intense bearishness.

Moreover, buying pressure for the next rally is beginning to emerge. A recent report highlighted that the XRP reserve on leading crypto exchange Binance is shrinking massively, matching levels last seen in March

Whales are responsible for over 90% of these outflows, adding another layer of positivity. Such positioning highlights the conviction that XRP’s long-term trajectory remains bullish.

A fresh roundup shared by crypto exchange Bitrue highlights how 2026 has become a major year for XRP adoption.

It featured new partnerships and integrations spanning banking, payments, tokenized assets, and global financial infrastructure. Specifically, the developments involve major players such as Rakuten, UBS, Mastercard, J.P. Morgan, and Moscow Exchange.

Key Points

• Bitrue believes 2026 is shaping up as a breakout year for XRP, with Rakuten, DTCC, UBS, Mastercard, and JPMorgan driving adoption.
• Rakuten added XRP to its ecosystem, enabling payments and trading for over 44 million users in Japan.
• Ripple joined DTCC’s tokenized asset initiative tied to a 2026 launch for real-world asset markets.
• Moscow Exchange launched an official XRP index as Ripple secured a major crypto license in Dubai.
• Ondo, Ripple, Mastercard, and JPMorgan completed a tokenized treasury settlement on XRP Ledger.

Rakuten Brings XRP to Millions of Users in Japan

In April, Rakuten Wallet announced the integration of XRP for users in Japan. The integration allows users to convert Rakuten Points into XRP, trade the asset directly inside the app, and spend XRP through Rakuten Pay across more than 5 million merchant locations.

According to Bitrue’s summary, the rollout could expose XRP to Rakuten’s massive ecosystem of 44 million users and over $23 billion in loyalty points. This makes it one of the largest retail-focused XRP payment deployments to date.

Ripple Joins DTCC Tokenized Securities Initiative

Ripple’s institutional expansion continued on May 4 when the company joined a tokenized securities working group led by the Depository Trust & Clearing Corporation (DTCC).

The DTCC is one of the most influential financial infrastructure organizations globally, reportedly overseeing custody for more than $114 trillion in assets.

The working group will support a production launch for tokenized real-world assets (RWAs) in 2026. This move further strengthens Ripple’s involvement in the tokenization sector.

Moscow Exchange Launches Official XRP Index

On May 5, Moscow Exchange (MOEX), Russia’s largest exchange, announced the launch of an official XRP price index called MOEXXRP.

The real-time XRP index is scheduled to go live on May 13. This move also represents another step toward broader institutional tracking and monitoring of XRP markets.

Ripple Secures Major Dubai Regulatory License

Ripple also achieved a regulatory breakthrough in the Middle East on May 6 after securing a comprehensive license within the Dubai International Financial Centre (DIFC).

The approval from the Dubai Financial Services Authority (DFSA) covers payments, custody, crypto token activities, and money services.

The license could strengthen Ripple’s position in cross-border payment corridors across the Middle East and surrounding regions.

UBS Reveals XRP ETF Exposure

Meanwhile, Swiss banking giant UBS recently disclosed exposure to XRP investment products through SEC 13F filings. The holdings include positions in the Grayscale XRP Trust and the Volatility Shares XRP ETF.

Market participants view this disclosure as another signal that institutional investors are increasingly gaining exposure to XRP. Notably, global investment bank Goldman Sachs also recently disclosed exposure to XRP via ETFs.

Ondo, Ripple, Mastercard, and JPMorgan Complete Treasury Pilot

One of the most notable developments came on May 6 through a collaboration involving Ondo Finance, Ripple, Mastercard, and J.P. Morgan Kinexys. The pilot enabled near-real-time cross-border redemption of tokenized U.S. Treasuries, known as OUSG, on the XRP Ledger.

According to the details, Ondo redeemed tokenized treasuries on-chain, Mastercard routed the transaction, and J.P. Morgan settled the fiat side within seconds using its 24/7 infrastructure.

The pilot is another example of how the XRP Ledger is increasingly being tested for real-world institutional settlement use cases involving tokenized assets and cross-border payments.

Ripple has earned a place among the top 10 companies in the Prime Unicorn Index, putting it alongside major private firms such as SpaceX.

The data from Lagniappe Labs shows that Ripple is the only crypto company in the top 10, which also includes heavyweights such as OpenAI, Anthropic, and SpaceX. This confirms Ripple’s growing position in the U.S. private market.

Key Points

• Ripple ranks sixth in the Prime Unicorn Index with a $26.09 billion valuation and 5% weighting.
• SpaceX led the index at $1.253 trillion, while OpenAI followed with a $917.31 billion valuation.
• The Prime Unicorn Index tracks 232 U.S. private companies valued above $1 billion.
• Ripple launched a $750 million buyback in March 2026, valuing the company at $50 billion.
• The index uses secondary market and verified transaction data, explaining Ripple’s lower valuation.

The Prime Unicorn Index

The Prime Unicorn Index from Lagniappe Labs tracks the share price performance of U.S. private companies worth at least $1 billion. Notably, the index uses a modified market capitalization model and acts as a benchmark for financial products tied to private companies.

It has posted annualized volatility of 19.75% over one year, 16.12% in three years, and 16.23% across its full history. 

According to Lagniappe Labs, the index includes U.S. venture-backed private companies valued at $1 billion or more. The base date for the index is Jan. 20, 2021, while the official launch date is Jan. 17, 2024. The index undergoes reconstitution every January, April, July, and October.

At present, the Prime Unicorn Index contains 232 companies and uses a modified market cap weighting system. The combined market value of all companies in the index stands at $3.433 trillion.

Ripple Secures Top 10 Spot

As of April 15, 2026, SpaceX held the top spot in the Prime Unicorn Index, boasting a valuation of $1.253 trillion and a 10% weighting. OpenAI followed with a valuation of $917.31 billion and a 9% weighting, while Anthropic ranked third with $332.37 billion and an 8% weighting.

Databricks took fourth place with a valuation of $152.34 billion. Anduril Industries ranked fifth with a valuation of $58.19 billion and a 6% weighting. Ripple Labs secured sixth place, holding a market value of $26.09 billion and a 5% weighting.

Cerebras Systems came next with a valuation of $23.33 billion and a 1.9% weighting. People Center posted a valuation of $16.36 billion with a 1.3% weighting, while Devoted Health holds $16.01 billion. Neuralink completed the top 10 with a valuation of $15.25 billion.

Ripple’s Valuation Over the Years

Being a private company, Ripple’s valuation comes from funding rounds, tender offers, secondary market activity, and share buybacks instead of public stock trading.

In 2019, Ripple raised $200 million in its Series C round at a valuation of about $10 billion. Around early 2024, the company carried out a tender offer and buyback that valued it between $11 billion and $11.3 billion.

On Nov. 5, 2025, Ripple closed a $500 million late-stage strategic funding round involving investors such as Pantera, Citadel Securities, and Galaxy. The deal valued the company at $40 billion post-money and included partial secondary share sales.

In March 2026, Ripple launched a $750 million share buyback and tender offer that valued the company at $50 billion, marking a 25% increase from the November 2025 valuation. The tender offer continued through April 2026. 

Why the Index Shows Ripple at a Lower Valuation

While Ripple’s latest buyback valued the company at $50 billion, the Prime Unicorn Index placed Ripple’s valuation at around $26 billion in the second quarter of 2026.

The difference is due to the way the Prime Unicorn Index calculates company values. Notably, the index mainly relies on secondary market trading data and verified primary and secondary transactions. Ripple’s $50 billion figure, however, came directly from the company’s own tender offer and buyback pricing.

XRP saw limited price reaction following yesterday’s cross-border US treasuries settlement on the XRP Ledger, while ONDO rallied considerably.

A major institutional blockchain test took place on Wednesday. Specifically, Ondo Finance, Ripple, JPMorgan, and Mastercard completed what participants described as the first near-real-time cross-border redemption of tokenized U.S. Treasuries on the XRP Ledger.

The transaction settled in less than five seconds and immediately attracted attention across the digital asset market. However, the price reaction revealed a familiar pattern in crypto markets. While XRP barely moved, ONDO captured most of the momentum.

Key Points

• Ondo Finance, Ripple, JPMorgan, and Mastercard completed the first near-real-time cross-border redemption of tokenized U.S. Treasuries on the XRP Ledger.
• While XRP barely moved, ONDO captured most of the momentum.
• The difference highlights how markets often separate infrastructure from the applications built on top of it.
• This structure mirrors what happened within the Telegram and TON ecosystem.
• The muted XRP response does not necessarily diminish the pilot program’s significance.

ONDO Got the Trade, While XRP Got the Headline

Santiment data highlighted this disparity in price action in an X post on Thursday. The platform reported that over the past week, ONDO climbed from roughly $0.27 to $0.348, representing a 29% increase. 

Much of that move came after the announcement, including a sharp 8% candle shortly afterward. Meanwhile, XRP moved from around $1.38 to $1.41 during the same period, translating to a gain of only about 2.5%.

The difference highlights how markets often separate infrastructure from the applications built on top of it.

In this case, the XRP Ledger acted as the settlement rail, providing the speed and low-cost execution required for the transaction. However, ONDO represented the actual tokenized Treasury product at the center of the activity.

As a result, traders focused more heavily on the protocol directly tied to issuance, redemption, and yield exposure rather than on the blockchain that handles the settlement layer beneath.

“The rails got the headline. The protocol got the trade,” Santiment concluded.

Similar Case Between Telegram and TON

This structure mirrors what happened within the Telegram and TON ecosystem. Telegram drove mainstream attention through its massive user base and crypto integrations. Yet, much of the market value flowed toward Toncoin and projects operating directly within that network. 

Most recently, Telegram founder Pavel Durov announced that Telegram has replaced the TON Foundation as TON’s largest validator. The coin has since doubled, growing 90% in the past seven days to $2.48.

This event draws the conclusion that the infrastructure created access, but the ecosystem assets captured stronger speculation and capital inflows. The same dynamic now appears within institutional tokenization.

XRPL Validates Institutional Utility Despite Limited XRP Reaction

Importantly, the muted XRP response does not necessarily diminish the pilot program’s significance. The event demonstrated that the XRP Ledger can support institutional-grade settlement for tokenized real-world assets in near real time.

That matters because tokenized Treasuries continue gaining traction across financial markets. Faster settlement, continuous market access, and lower operational friction remain key themes for institutions exploring blockchain infrastructure.

Still, markets often reward the protocols tied directly to revenue generation, asset issuance, or user demand rather than the underlying rails themselves. ONDO benefited because its ecosystem sits closer to the economic activity surrounding tokenized Treasury exposure.

Meanwhile, the XRP Ledger functioned more as the enabling layer behind the scenes. Although the blockchain received the headline visibility, the stronger market reaction flowed toward the asset associated with the product itself. Still, industry leaders claim that XRP is the cleanest way of investing in tokenization

Moreover, the move emphasizes the growing use case for tokenization in the crypto industry. Data shows that $31.12 billion in real-world assets have been tokenized on blockchains, highlighting the steady adoption of blockchain rails to bring tangible assets on-chain.