XRP Ledger Active Addresses Drop 41%, Santiment Says

Santiment says wallets active on the XRP Ledger over the past year are down 41% on average, pushing XRP's trader profitability to its weakest level since the FTX collapse and offering a stress signal for holders even though the available evidence does not confirm an identical drop in address counts.

Santiment wrote on April 7 that the average wallet active on the XRP Ledger over the prior year is down -41%, and the same post said XRP's MVRV reading is at its lowest point since the November 2022 FTX crash. That distinction matters because the post described wallet profitability, not a separately published chart showing the same percentage drop in raw address activity.

Active addresses count unique wallets that send or receive on a given day, while MVRV measures how far current market value sits above or below the cost basis of wallets that moved within the measurement window. For XRP holders, that makes the present signal a read on holder pain and network engagement together, not a simple verdict on price direction.

📉 Average wallets that have been active on the XRP Ledger over the past year are down an average of -41% on their investments. This is the lowest MVRV (Mean Value to Realized Value) for XRP traders since the FTX crash in November, 2022.

0️⃣ Because cryptocurrencies are zero sum… pic.twitter.com/wADnXQ9vk2

— Santiment (@santimentfeed) April 7, 2026

XRP Ledger Activity Still Shows Mixed Signals

In a March 17, 2026 Santiment insight, the XRP Ledger crossed 7.7 million non-empty wallets for the first time in its 13-plus-year history. The same update said the network closed that session with 46,767 active addresses, a five-week high at the time.

That combination matters because rising wallet totals can coexist with weak returns if recent buyers entered at higher levels. XRP was trading around $1.35 with a market capitalization of $82.77 billion and $1.72 billion in 24-hour volume when the research brief was assembled.

For readers following XRP market structure, bitcoininfonews has already tracked how exchange reserves dropped while $1.40 came into focus and how three technicals aligned around a possible all-time-high push. Santiment's latest signal cuts against that earlier optimism because it shows the average recently active wallet is now well below cost.

What Lower Profitability Means for XRP Holdings

U.Today's report on Santiment's 365-day MVRV reading described the current zone as an extreme opportunity area. That framing is based on capitulation logic: when the average active wallet is deep in the red, a large share of weak hands may already have sold.

The broader market backdrop still argues for caution. The Fear and Greed Index stood at 15 and was labeled Extreme Fear, which means the XRP signal is arriving during a marketwide risk-off stretch rather than in isolation.

That wider mood also helps explain why capital can keep clustering around Bitcoin products while altcoin participation weakens, a theme bitcoininfonews touched on when it examined why Morgan Stanley launched the cheapest Bitcoin ETF. For XRP, the practical takeaway is that network activity and market price can diverge for a while if traders keep rotating toward perceived safety.

What to Watch Next on the XRP Ledger

The first metric to watch is whether daily activity can recover toward the 46,767 active-address mark Santiment highlighted in March. If that benchmark holds as a floor, the current drawdown in wallet profitability would look more like capitulation than abandonment.

Investors should also watch whether XRP can hold a market value near $82.8 billion while the negative profitability signal persists. A stable market cap with weak wallet returns would suggest liquidity remains intact even as recently active holders absorb losses.

For now, the cleanest reading is that Santiment has identified a sharp deterioration in wallet-level returns, while its earlier network data showed the XRP Ledger still adding holders and periodically reviving address activity. That leaves XRP with a narrower, evidence-based setup: traders should watch whether participation improves before treating the profitability washout as a durable turning point.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.

Bitcoininfonews first published the article titled XRP Ledger Active Addresses Drop 41%, Santiment Says.