Record On-Chain Activity
Despite the overall downturn in the crypto market, the XRP Ledger (XRPL) is experiencing a surge in on-chain activity, setting a new record for network velocity.
Network Velocity Surge
The velocity metric, which tracks how often XRP is traded across the network, recently hit a new high of 0.0324 on December 2. This suggests that XRP is being actively traded rather than sitting idle in wallets. Such an uptick in velocity typically indicates high liquidity and substantial involvement from traders or significant movements by whales.
Whale Movements
According to an analysis by CryptoQuant, this surge in activity confirms that the XRPL network is experiencing one of its most active periods in 2025, with user engagement reaching a peak.
Large XRP holders, often referred to as whales, have been moving their assets. While the number of wallets holding at least 100 million XRP has decreased by 20.6% over the past eight weeks, the remaining large wallets now hold more than 48 billion XRP, a seven‑year high. This indicates that other large holders who did not exit the 100 M group accumulated more XRP.
Meanwhile, a separate group of XRP holders has begun reducing their holdings. Between December 2 and 3, wallets holding 1 million to 10 million tokens moved or sold 150 million XRP. This group of investors has been selling their holdings in waves over the past few months, so their movement has become part of a broader pattern.
ETF Inflows
These developments come as the United States spot XRP exchange‑traded funds (ETF) market continues to attract significant inflows compared to their Bitcoin and Ethereum counterparts.
