By 2025, the XRP Ledger (XRPL) is experiencing significant changes in its user base and transaction structure. Despite XRP prices reaching record highs, the number of daily active accounts on the network has markedly decreased. According to analysis by Serotonin, a notable analytics company, the number of daily active accounts has dropped from approximately 39,500 on January 1, 2025, to 19,500 by June 29.
Corporate Activities Surge as Retail Users Decline
Despite this rapid decrease in daily user numbers, there is an observed increase in transaction volumes per user, network fees paid, and provided liquidity. Experts suggest this indicates that previously active small investors have exited the network, and the remaining capital is being utilized more intensively.
Transactions on the network are predominantly payments. Data shows that 99.7% of transactions on XRPL are payment-based, whereas decentralized exchange transactions and swaps do not exceed 1%. This shift suggests the network is now oriented towards large-scale financial transactions rather than small investor activities.
Record Prices and Growing Interest
Recently, the XRP price surged to a record high of 3.5 USD, marking the highest value ever achieved. During the same period, there was a significant increase in open positions related to XRP, with total open leveraged transaction size exceeding 10.5 billion USD. However, following a general market correction, XRP’s price dropped to 3.11 USD, reflecting a 13% loss.
The price surge has been accompanied by an increase in fraudulent activities. Ripple 
$1 CEO Brad Garlinghouse has warned investors to be cautious of rising YouTube scams following XRP’s ascent to the third rank in terms of market capitalization.
The Function of XRPL and Future Outlook
Analysts attribute the increase in transaction size on XRP and the rise in the amount of assets locked within the network to its growing appeal for large fund transfers. This transformation turns the network from a platform primarily operated by small investors into a payment infrastructure increasingly utilized by financial institutions.
While the space for retail investors contracts, XRP is increasingly resembling an interbank payment network. Whether this shift will create value remains uncertain; however, it is evident that the network has evolved significantly from a year ago.
XRP’s long-standing image as retail investor-focused was largely supported by community backing and ongoing legal processes with the U.S. Securities and Exchange Commission (SEC). Recent developments, however, indicate that XRP is evolving into more professional usage in financial operations.
This transformation on the XRPL brings about a focus on payments and large transfers. Small investor transaction weight has significantly decreased, and the network is expected to increasingly serve large institutions and financial organizations.
The shift in XRPL underscores the dynamic role of institutional investors within cryptocurrency networks. As the user composition of the network changes, key indicators like transaction volume and liquidity are trending upward, suggesting the potential need for new strategies to engage retail users. Investors see XRP entering a phase where it is favored for large financial transactions and corporate use.
