Key Takeaways
- XRP sentiment has fallen to a three-month bearish extreme, according to Santiment, as the token slips below $1 on Aug.11.
- XRPL recorded 49,929 active addresses in 24 hours, more than double some of the lows recorded in July.
- Higher wallet activity is encouraging, but weak ETF demand and the nature of on-chain activity mean it is not yet proof of an XRP price reversal.
XRP has fallen back below the psychologically important $1 level on Aug. 11, 2026, marking its first drop under a dollar since November 2024, and retail traders are increasingly pessimistic. Yet beneath the weak price action, activity on the XRP Ledger (XRPL) is suddenly moving in the opposite direction.
Santiment reported on Aug.14 that XRP-related commentary across X, Reddit, Telegram and other crypto channels has reached its most bearish level in three months.
At the same time, XRPL recorded 49,929 active addresses within a 24-hour period, its highest level in more than two months.
That is a sharp reversal from July, when the network briefly sank to roughly 22,888 active addresses, while new wallet creation fell to 2,130, its weakest level since November 2024.
The divergence creates an obvious question: if XRP holders are becoming increasingly bearish, why is blockchain participation suddenly accelerating?
XRP Network Activity Has More Than Doubled From July Lows
Santiment defines its 24-hour active-address metric as the number of distinct addresses that send or receive an asset during a rolling 24-hour window. An address is counted once regardless of how many transfers it makes.
That means the jump toward 50,000 indicates a genuine increase in addresses interacting with XRP, but it does not mean 50,000 new investors bought XRP. Addresses can belong to exchanges, institutions, existing holders or automated systems.
There is nevertheless a notable change in trend.
On July 1, XRP daily active addresses had already risen roughly 72% from mid-June levels, even as the token struggled around $1. The subsequent July decline in activity erased much of that momentum.
The latest spike therefore suggests participation is returning precisely as price sentiment deteriorates.
Bearish Sentiment Can Be Contrarian, but Demand Still Matters
Santiment views extreme pessimism combined with strengthening network activity as a potential counter-signal. Historically, crowded bearish positioning can become supportive when sellers are exhausted and new demand begins entering.
There is some precedent for the argument. In June, XRP social sentiment fell to an eight-month low, even as several institutional and regulatory developments around Ripple continued progressing.
However, the external demand picture remains less convincing.
US spot XRP ETFs recorded zero net flows on 10 of the first 17 July trading sessions, while net flows during that period totaled only around $12.4 million against nearly $1 billion in fund assets. Exchange outflows also slowed significantly during July, suggesting buyers were becoming less aggressive.
That makes the 49,929-address reading important, but not enough on its own to establish a bottom.
What Would Confirm an XRP Reversal?
The stronger signal would be several indicators improving together: sustained active-address growth, rising new-wallet creation, stronger ETF inflows and XRP reclaiming lost price levels above $1.
There is also a fundamental reason XRPL activity could increasingly diverge from XRP speculation. Ripple continues expanding institutional infrastructure around the ledger, including investments announced in August aimed at bringing tokenized issuance, transfer agency and collateral mobility onto XRPL.
For now, XRP presents an unusual split: price and crowd sentiment are deteriorating while blockchain participation is accelerating.
The 50,000-address spike does not prove bulls are back. But after activity fell near 2026 lows only a month ago, it is one of the clearest on-chain changes worth watching.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
