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The $XRPmarket is showing a strong divergence between price action and network growth.

New on-chain data points to continued expansion of the $XRPLedger despite a prolonged price cooldown. According to data highlighted by community figure Eri, $XRPLedger wallets have climbed to 8.19 million as of April 5, 2026.

Interestingly, this steady rise comes even as $XRP’s price has struggled to recover since it dropped from its July 2025 peak of $3.65. Currently trading at $1.33, the asset remains down 63.56% from that high, although it has posted a modest 2.92% gain over the past 24 hours.

The divergence suggests that while price momentum has softened, user adoption and participation on the network continue to expand.

Key Points

$XRPNetwork Growth Outpaces Price Decline

On March 17, the analytics firm reported that the $XRPLedger surpassed 7.7 million non-empty wallets for the first time in its 13+ year history.

This milestone coincided with a surge in activity, as active addresses reached a five-week high of 46,767. During that period, $XRP’s price also saw a short-term breakout, climbing 14% within 48 hours to briefly breach the $1.60 level.

It is worth noting that estimates of total $XRPwallet counts vary by data provider. While Santiment reports around 7.7 million non-empty wallets, CryptoQuant places the figure closer to 8.1 million.

This discrepancy likely stems from differences in methodology, such as counting only active wallets versus all accounts ever created.

Wallet Distribution Shows Retail Dominance

Further insights into wallet distribution reveal that the majority of $XRPholders remain in the lower balance tiers. Data shared on March 21 shows that:

• 5.66 million wallets hold less than 100 $XRP
• 2.01 million wallets hold between 100 and 100,000 $XRP
• Just 32,054 wallets hold more than 100,000 $XRP

This distribution highlights a strong base of retail participants, even as a relatively small number of large holders continue to control significant portions of supply.

The continued rise in wallet count, despite a notable price drawdown, may indicate underlying confidence in $XRP’s long-term utility. Growth in addresses reflects onboarding of new users, increased experimentation, and ecosystem activity on the $XRPLedger.

While short-term price performance remains subdued, the steady expansion in wallets and active addresses suggests that network fundamentals may be strengthening beneath the surface.

Community Reaction

Commenting on the data showing growth in the $XRPholder base, X user @mortoom remarked that no crypto asset trades on its fundamentals, and he does not think that will change in the coming years.

Mortoom argued that $XRPappears to have one of the largest and fastest-growing communities, yet it still trades like any other “shitcoin.”

He then asked Eri which entity actually controls the price, since increased user adoption has not led to a price increase. In response, Eri stated that market conviction ultimately drives the price.

Market conviction controls the price.

— ??Eri ~ Carpe Diem (@sentosumosaba) April 5, 2026

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