An empirical analysis of wallet activity patterns across the XRP Ledger ecosystem*
Supply Overview
XRP Supply Structure (September 2025):
- Total Supply: 100,000,000,000 XRP (fixed)
- Circulating Supply: 64,685,868,147 XRP (analysed in this study)
- Escrow/Reserves: ~35,314,131,853 XRP (not in circulation)
This analysis focuses exclusively on the circulating supply held in user wallets.
Executive Summary
This analysis examines 7,016,668 XRPL wallets containing 64,685,868,147 XRP (circulating supply) as of September 2025. The data indicates that wallets holding 84.2% of circulating XRP have been active within the past year, providing empirical context for understanding cryptocurrency circulation patterns. Analysis shows 3.8% of circulating supply (2.4 billion tokens) remains in wallets that have never sent a transaction.
Methodology
We analysed complete XRPL ledger state data, categorising wallets by their last transaction using ledger sequence numbers and 4-second block intervals. Each wallet was classified into activity periods based on days elapsed since their most recent transaction.
Dataset Parameters:
- Wallets analysed: 7,016,668
- Circulating XRP examined: 64,685,868,147 (out of 100 billion total supply)
- Analysis date: 23 September 2025
- Current ledger: 99,046,276
Note: This analysis covers circulating supply only. Approximately 35.3 billion XRP remains in escrow or reserves, not included in these calculations.
Key Findings
This analysis of 7,016,668 XRPL wallets provides empirical data on XRP distribution and activity patterns within the circulating supply:
Primary Observations
Supply Activity: 84.2% of circulating XRP (54.4B of 64.7B) is held in wallets that transacted within 12 months
Wallet Engagement: 49.8% of wallets showed activity within the past year
Large Holder Patterns: 98.6% of wallets containing 1M+ XRP maintained annual activity
Dormancy Distribution: 3.8% of circulating supply sits in wallets that have never sent a transaction, whilst 15.8% is held in wallets inactive for over one year
Supply Context
- Circulating supply analysed: 64.7 billion XRP
- Total XRP supply: 100 billion XRP
- Escrow/reserves (not analysed): ~35.3 billion XRP
- Effective liquid circulation: 54.4 billion XRP (84.2% of circulating)
Supply Liquidity Assessment
Liquidity Tiers
| 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% |
Key Insight: XRPL demonstrates exceptional liquidity with 84.2% of supply held in wallets that transacted within a year. The distribution creates a liquidity pyramid - nearly half the supply sits in wallets that transact quarterly, whilst only 4.1% is held in wallets dormant for 2+ years. This profile suggests active portfolio management rather than traditional cryptocurrency "hodling" patterns.
Wallet Activity Distribution
Transaction Frequency Analysis
| Time Period | Wallet Count | % of Wallets | XRP Amount | % of Circulating | Median XRP | Average XRP |
|---|---|---|---|---|---|---|
| Within 30 days | 468,194 | 6.7% | 22,540,263,477 | 34.8% | 37 | 48,143 |
| 31-90 days ago | 700,014 | 10.0% | 9,138,872,983 | 14.1% | 13 | 13,055 |
| 91-180 days ago | 1,062,921 | 15.1% | 19,420,787,516 | 30.0% | 1,535 | 18,271 |
| 181-365 days ago | 1,261,641 | 18.0% | 3,338,234,127 | 5.2% | 3 | 2,646 |
| 1-2 years ago | 471,788 | 6.7% | 7,569,192,110 | 11.7% | 10 | 16,044 |
| 2-3 years ago | 812,927 | 11.6% | 110,419,716 | 0.2% | 20 | 136 |
| 3-4 years ago | 471,061 | 6.7% | 45,645,212 | 0.1% | 10 | 97 |
| 4-5 years ago | 755,716 | 10.8% | 69,002,672 | 0.1% | 20 | 91 |
| 5-10 years ago | 669,279 | 9.5% | 24,373,441 | 0.0% | 20 | 36 |
| 10+ years ago | 34,391 | 0.5% | 1,856,078 | 0.0% | 21 | 54 |
| Never sent TX | 308,736 | 4.4% | 2,427,220,816 | 3.8% | 176 | 7,862 |
Key Insight: The data shows that recently active wallets tend to hold larger balances - whilst 6.7% of wallets transacted within 30 days, they hold 34.8% of circulating supply (average 48,143 XRP per wallet). The quarterly activity period (91-180 days) represents another 30% of supply, potentially reflecting regular portfolio management cycles.
Large Holder Activity Analysis
Wallets Containing 1M+ XRP
- Total identified: 2,693 wallets
- Active within 1 year: 2,656 wallets (98.6%)
- XRP in active whale wallets: 38,985,977,965 XRP
- Average whale balance: 14,676,871 XRP
Key Insight: With 98.6% of million-XRP wallets showing annual activity, large holders on XRPL maintain remarkably consistent engagement. Only 37 whale wallets (1.4%) have been dormant for over a year, indicating that high-value accounts remain actively managed rather than abandoned.
XRP Dormancy Analysis
Inactive Holdings by Duration
| Duration | XRP Amount | % of Circulating |
|---|---|---|
| 1+ years inactive | 10,247,710,045 | 15.8% |
| 2+ years inactive | 2,678,517,935 | 4.1% |
| 3+ years inactive | 2,568,098,219 | 4.0% |
| 4+ years inactive | 2,522,453,007 | 3.9% |
| 5+ years inactive | 2,453,450,335 | 3.8% |
| 10+ years inactive | 2,429,076,894 | 3.8% |
Key Insight: The data shows a significant transition at the 2-year mark, dropping from 15.8% to 4.1% dormancy. This 7.6 billion XRP difference represents wallets inactive for 1-2 years. After 2 years, dormancy levels stabilise at approximately 3.8-4.1%, which may indicate the portion of supply in inaccessible wallets. This figure is notably lower than commonly cited estimates for other major cryptocurrencies. The relatively stable dormancy rate after the 2-year point indicates that wallets either become permanently inaccessible relatively quickly or remain accessible indefinitely.
Value Distribution Analysis
Concentration by Activity Level
Distribution of circulating XRP by wallet activity:
- Active ≤30 days: 22.5B XRP (34.8% of circulating)
- Active ≤90 days: 32.1B XRP (49.6% of circulating)
- Active ≤180 days: 44.6B XRP (68.9% of circulating)
- Active ≤365 days: 54.4B XRP (84.2% of circulating)
Key Insight: Nearly 70% of all circulating XRP is held in wallets that transacted within the last 6 months, indicating highly active network utilisation. The concentration increases sharply with recency - half of all XRP sits in wallets active in just the past 90 days. This activity pattern suggests XRP holders actively manage their positions rather than simply holding static balances.
Receive-Only Wallet Analysis
Wallets that have never sent transactions:
- Total count: 308,736 wallets
- XRP held: 2,427,220,816 (3.8% of circulating supply)
- Average balance: 7,862 XRP
- Median balance: 176 XRP
Key Insight: The distribution is highly skewed - whilst the median receive-only wallet holds just 176 XRP, the average of 7,862 XRP indicates some very large balances in this category. These 308,736 wallets collectively hold 2.4 billion XRP and share one characteristic: they have only ever received XRP, never sent it. Without outgoing transactions, it's impossible to determine whether these represent inaccessible wallets, cold storage systems, or deliberate long-term holding strategies.
Network Growth Patterns
Historical Activity Distribution
| Period | Wallet Count | % of Total |
|---|---|---|
| Within 1 year | 3,492,770 | 49.8% |
| 1-2 years ago | 471,788 | 6.7% |
| 2-3 years ago | 812,927 | 11.6% |
| 3-5 years ago | 1,226,777 | 17.5% |
| 5-10 years ago | 669,279 | 9.5% |
| 10+ years ago | 34,391 | 0.5% |
| Never transacted | 308,736 | 4.4% |
Key Insight: Wallet activity clusters around specific time periods, with the largest historical group (812,927 wallets) last active 2-3 years ago. The data shows 49.8% of wallets maintaining recent activity, whilst genesis-era wallets (10+ years) comprise just 0.5% of the total network. Each time period's wallet count provides a snapshot of network adoption patterns over XRPL's history.
Market Implications
Supply-Side Factors
- 15.8% of circulating supply held in wallets inactive beyond one year
- 3.8% in never-transacted wallets within circulating supply
- Quarterly activity patterns observed in 90-180 day periods
These dormancy patterns reveal XRPL's evolution into institutional-grade infrastructure. When we see only 3.8% of circulating supply potentially lost compared to Bitcoin's estimated 20%, combined with 98.6% whale activity rates, it demonstrates the network's adoption by sophisticated participants who maintain proper key management and active portfolio management.
Liquidity Characteristics
- 84.2% of circulating supply held in wallets active within 12-month period
- 49% of supply in wallets transacting quarterly
- 3.8% potentially permanent removal (never-transacted wallets)
- Note: ~35.3B XRP in escrow/reserves not included in these metrics
Key Insight: The liquidity profile shows most XRP remains accessible, with the vast majority held by active participants. The quarterly activity of nearly half the supply suggests regular use or management rather than passive holding. When combined with the escrow/reserve system holding 35.3B XRP outside circulation, the effective liquid supply appears well-managed with predictable availability patterns.
Comparative Context
XRPL vs Other Networks
Based on circulating supply analysis:
- Dormancy rate: 3.8% in never-transacted wallets (vs Bitcoin's estimated 20%+ lost)
- Whale activity: 98.6% annual participation rate
- Active supply: 84.2% held in wallets active within 12 months
- Balance distribution: Median of 20-37 XRP vs whale average of 14.6M XRP
Key Insight: XRPL exhibits characteristics of an actively managed network. The low percentage in never-transacted wallets and high whale activity patterns distinguish it from networks with significant dormant holdings. The pattern of regular wallet activity indicates active portfolio management rather than passive "hodling" behaviour commonly seen in other cryptocurrencies.
Methodology Notes
Analysis Parameters
- Ledger sequences used for precise timing (4-second intervals)
- PreviousTxnLgrSeq field tracked for last transaction identification
- Balance validation performed on all accounts
Limitations
- Cannot distinguish between strategic holding and lost access
- Exchange wallets may distort individual holder patterns
- Some custodial solutions may appear as single wallets
Data Availability
Analysis based on public XRPL data accessible through standard node APIs. Reproducible using full ledger history and current state data.
This analysis represents a point-in-time examination of XRPL wallet activity patterns. Cryptocurrency networks are dynamic systems, and these patterns may evolve with changing market conditions, technological developments, and adoption trends.
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