The XRP Ledger (XRPL), a leading blockchain for payments and tokenization, experienced a noticeable drop in transaction volume during May 2025, even as interest from major institutions continued to climb. According to XPMarket data, the network processed just over 50.1 million transactions in May, down from 54.8 million in April. This decline comes at a time when the broader crypto market has seen both volatility and renewed attention to blockchain infrastructure
Active Wallets Up, But User Engagement Lags
Interestingly, the number of active wallets on XRPL rose to 278,362 in May, up from 252,000 the previous month. However, this increase did not translate into deeper user engagement. Analysts suggest that much of the wallet growth may be driven by automation, as the average activity per wallet remained low. Only about 10% of these wallets—roughly 28,000—interacted with decentralized applications (dApps), and most of those users engaged with just a single dApp. A much smaller group used two or more dApps, highlighting a challenge for XRPL in fostering sustained, human-driven activity.
NFT and AMM Activity on the Rise
While overall transaction numbers dipped, certain segments of the XRPL ecosystem showed strong growth. NFT minting activity jumped from 1.76 million in April to 2.56 million in May, reflecting increased interest in digital asset creation. Automated market maker (AMM) participation also grew, with more users adding and withdrawing liquidity. These trends suggest that while general user engagement may be flat, specific use cases like NFTs and DeFi are gaining traction.
Institutional Adoption Accelerates
May also saw a wave of institutional developments for XRPL. At least three new stablecoins—EURØP, USDB, and XSGD—were launched on the network, expanding its utility for global payments and settlements. In a notable move, the Dubai Land Department selected XRPL to power its real estate tokenization platform, underscoring growing confidence in the ledger’s infrastructure for large-scale, regulated applications.
A Maturing, Yet Challenged Ecosystem
The current trends highlight a maturing XRPL ecosystem that is attracting institutional players thanks to its low fees, fast settlement times, and regulatory alignment. However, the gap between wallet growth and meaningful user engagement points to ongoing challenges in building a vibrant, human-centric community. As NFT and DeFi activity continue to rise, the network’s next phase may depend on converting passive or automated users into active participants.
