Key Takeaways
- XRP Ledger surpassing 7.7 million holders and rising active addresses signal increasing user participation.
- Analysts warn XRP’s price may not have long-term growth potential.
- Heavy short liquidations and rising leverage ratios suggest bullish sentiment in derivatives markets.
The XRP Ledger has surpassed 7.7 million holders for the first time in its 13-year history, according to on-chain data, underscoring a steady expansion in network participation even as questions remain over the token’s long-term demand drivers.
The milestone comes alongside a sharp uptick in market activity, with XRP’s price recently climbing more than 7% in a week.
It comes as some analysts have warned that XRP may not see long-term growth by 2030, sparking concerns amongst holders.
Santiment Data Points to Growing Network Usage
Blockchain analytics firm Santiment said the number of non-empty XRP wallets has reached a record high for the first time in its 13-year history.
The data also showed a spike in engagement, with daily active addresses hitting a five-week high of 46,767 on Monday.
The simultaneous rise in wallet count and activity suggests broader participation rather than isolated large-holder movements.
For XRP, such metrics are often viewed as leading indicators of underlying demand.
A growing base of holders can signal increasing adoption, while higher active address counts typically point to stronger transaction activity and network utility.
However, analysts have cautioned that rising wallet numbers do not necessarily translate into sustained price appreciation.
Historically, XRP has experienced bursts of retail-driven growth that were not always matched by long-term structural demand.
Motley Fool Analyst Highlights XRP Price Growth Concerns
Despite recent positive developments, including regulatory clarity and institutional products, some analysts remain cautious on XRP’s long-term outlook.
Johnny Rice, an analyst at Motley Fool, said increased adoption of Ripple’s technology does not necessarily drive demand for XRP itself.
Rice warned that while Ripple as a company may continue to grow, XRP holders may not see proportional benefits by 2030.
The analyst highlighted how spot XRP exchange-traded funds attracted more than $1.3 billion in inflows within their first 50 days, making them the second-fastest-growing crypto ETFs after Bitcoin.
Yet Rice argued that these catalysts have not translated into sustained price gains.
XRP remains significantly below its historical highs, and he attributes this to a deeper issue.
“The problem isn’t any one catalyst; it’s structural,” Rice wrote, noting that many of Ripple’s core banking products operate without using XRP.
Institutional Holdings Highlight Limited but Growing Participation
Separately, institutional investment in XRP-linked exchange-traded funds has increased, though its overall impact on prices remains constrained, according to regulatory filings.
Goldman Sachs has emerged as the largest disclosed institutional holder of spot XRP ETFs, with more than $150 million invested across several products, U.S. 13F filings show.
In total, asset managers reported about $211 million in XRP ETF holdings as of Dec. 31, 2025, compared with roughly $1.2 billion in total assets held by the funds.
However, Bloomberg Intelligence analyst James Seyffart said the filings reflect only a “small portion” of total ownership.
Meanwhile, senior ETF analyst Eric Balchunas said the investor base may be concentrated among committed XRP supporters rather than broader institutional participants.
The limited visibility into ETF ownership comes as XRP has struggled to sustain price gains despite more than $1 billion in inflows into the products during 2025.
CCN’s XRP Price Outlook
Short-term market dynamics, however, paint a more bullish picture.
According to data cited by CCN analyst Abiodun Oladokun, XRP short sellers have recently faced heavy losses amid the latest rally.
In the 12 hours leading up to March 13, short liquidations totaled approximately $1 million, far exceeding the $119,000 in long liquidations, an 8:1 imbalance indicating bearish traders were caught off guard.
The bulk of these liquidations occurred on major exchanges including Bybit and Binance, highlighting the scale of leveraged positions betting against XRP’s rise.
Further supporting the bullish case, XRP’s Estimated Leverage Ratio (ELR) on Binance has climbed to a seven-day high.
At the same time, the token’s taker buy ratio has moved above 1, indicating that buy orders are outpacing sell orders in the derivatives market, a signal of strengthening demand.
Taken together, the data suggests that, in the near term, bullish momentum may persist.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
