Executive Summary
Analysis of 7,016,668 XRPL wallets shows that 84.2% of the circulating supply (54.4B XRP of 64.7B) is held in wallets active within the past year. Dormancy is limited, with only 3.8% of circulating supply in wallets that have never sent a transaction, highlighting XRPL’s profile as a highly liquid and actively managed network.
Supply Structure
Total Supply: 100B XRP (fixed)
Circulating Supply: 64.7B XRP (analysed)
Escrow/Reserves: ~35.3B XRP (excluded from study)
This analysis focuses only on circulating supply and wallet activity.
Methodology
The study used full XRPL ledger data as of 23 September 2025 (ledger 99,046,276). Wallets were classified by their last transaction timestamp, with activity buckets ranging from 30 days to over 10 years. Ledger sequences and transaction references were used for accuracy.
Wallet Activity Patterns
49.8% of wallets were active within the past year
6.7% of wallets transacted within 30 days, holding 34.8% of supply
15.1% of wallets were active 91–180 days ago, holding 30% of supply
308,736 wallets have never sent a transaction, holding 2.4B XRP (3.8%)
Key Insight: Recently active wallets tend to hold more XRP, with average balances of 48,143 XRP for wallets transacting in the last 30 days.
Liquidity Profile
Liquidity Level | Time Frame | XRP Amount | % of Circulating |
Highly Liquid | ≤90 days | 31.7B | 49.0% |
Liquid | 91–365 days | 22.7B | 35.1% |
Semi-Liquid | 1–2 years | 7.6B | 11.7% |
Illiquid | 2+ years | 2.7B | 4.1% |
Observation: Nearly half the supply transacts quarterly, while only 4.1% is dormant beyond 2 years, indicating active portfolio management rather than passive holding.
Large Holder Behaviour
2,693 wallets hold 1M+ XRP
98.6% of these wallets were active within 1 year
Total controlled: 39B XRP, with an average of 14.7M XRP each
Key Insight: Whale wallets show consistent engagement, with only 37 dormant for over a year. This reflects institutional-style activity and careful key management.
Dormancy Trends
1+ years inactive: 15.8% of circulating supply
2+ years inactive: 4.1%
Stable dormancy: ~3.8–4.1% beyond 2 years
The sharp drop between 1 and 2 years suggests wallets either become permanently inaccessible quickly or remain active indefinitely.
Receive-Only Wallets
308,736 wallets have never sent a transaction
XRP held: 2.4B (3.8% of circulating)
Median balance: 176 XRP, but skewed by large accounts
This category could represent cold storage, lost keys, or intentional long-term holding.
Network Growth and Historical Trends
49.8% of wallets active within 1 year
11.6% last active 2–3 years ago
0.5% are genesis-era wallets (10+ years old)
Activity clusters align with adoption cycles, showing strong network participation across time.
Market Implications
According to XPMarket CEO Dr. Artur Kirjakulov, the low proportion of potentially lost XRP (3.8%) compared to Bitcoin (20%+) and near-universal whale activity demonstrate that XRPL has matured into institutional-grade infrastructure.
Liquidity is further reinforced by escrow mechanisms and predictable wallet activity cycles, making XRP a network with high accessibility and low risk of permanently lost supply.
Comparative Context
Relative to other cryptocurrencies:
Dormancy rate is significantly lower than Bitcoin or Ethereum
Whale activity is exceptionally high at 98.6% annual participation
Active supply is concentrated, with 70% moving within 6 months
These patterns highlight XRP as a liquid, actively managed ecosystem distinct from “hodling” cultures elsewhere.
Conclusion
The XRPL ecosystem displays robust liquidity and dynamic activity patterns. With most supply circulating through active wallets, minimal permanent dormancy, and whales maintaining consistent participation, the network demonstrates maturity and resilience. This structure positions XRPL as one of the most institutionally aligned and actively managed blockchain networks in operation today.
