XRP Network Sees Massive 50% Decline As 101,081 Active Addresses Vanish

Crypto analyst Ali Martinez has published a Glassnode chart that shows a jaw-dropping decline in the amount of active whale addresses on the XRP network over the past three months.

The decline constitutes 50% and since December, the number of active whale addresses on the network has shrunk from 202,250 to 101,160 at the present moment. The peak of active wallets took place on December 2, when then number of active addresses comprised 200,000.

This decline coincides with recent reports which noticed a broader drop in XRP transaction volume and general utilization of the XRP network. This could be caused by a cooling phase in demand for the XRP network to be used for remittances and payments. As reported by U.Today, at the end of January, the network experiences a drastic decline in transaction volume as it dropped by 1 million transfers.

However, on February 25, the XRP network saw an astounding surge in transaction activity with 2,054,526 transactions taking place on that day. A great amount of funds was moved as the Ripple-affiliated cryptocurrency XRP is striving to level off after a period of strong decline.

Related

Ripple expands into South Korea

In a recent X post, Ripple president Monica Long commented on the recently announced partnership of Ripple Custody with South Korean company BDACS, a major digital asset institutional custody provider in the country.

Long stated that Ripple has planted “another flag in APAC for XRP and RLUSD” by inking this partnership. The press release published by Ripple will provide seamless XRP and RLUSD custody services for financial institutions. Besides, this collaboration will allow the XRPL network and its ecosystem to make a massive expansion and increase the usability of Ripple’s dollar-pegged stablecoin RLUSD.

The Ripple president tweeted that South Korea is gearing up for a new wave of institutional cryptocurrency adoption and that Ripple Custody is going to help with it. Besides, this partnership has allowed the blockchain behemoth to expand its presence in the APAC (Asia-Pacific) region. 

In December last year, Ripple’s new partner BDACS set up an important partnership with one of the largest banks in South Korea – Woori Bank – in order to offer them their services in digital asset custody.