The XRP Ledger (XRPL) experienced a drop in transaction volume in May 2025, despite a steady increase in institutional adoption of the blockchain network. According to data from XPMarket, XRPL processed over 50.1 million transactions last month, down from 54.8 million in April. However, the number of active wallets rose to 278,362, showing a positive trend in user growth.
The growth in active wallets did not translate into deeper engagement, as analysts noted that the average activity per user remained relatively low. This suggests that the increase in wallets may include automated accounts, highlighting a need for more meaningful user interaction on the platform.
Further breakdowns of XPMarket data revealed a concerning trend in decentralized application (dApp) engagement on XRPL. Only about 10% of active wallets, approximately 28,000, interacted with dApps during the month. Most users engaged with just one application, indicating a lack of diversified usage among the XRPL user base.
On a more positive note, non-fungible token (NFT) and automated market maker (AMM) activity showed promising growth on XRPL. NFT minting increased from 1.76 million in April to 2.56 million in May, demonstrating a growing interest in digital asset creation. AMM activity also saw growth, with more users adding and withdrawing liquidity on the platform.
Institutional adoption of XRPL is also on the rise, with the introduction of three stablecoin products and the Dubai Land Department (DLD) selecting XRPL to power its real estate tokenization platform in May. The network’s low transaction fees, fast settlement times, and regulatory alignment make it an attractive option for traditional institutions exploring blockchain-based settlement solutions.
Overall, while XRPL is seeing growth in user acquisition and institutional adoption, there is a need for increased user engagement and diversification of usage to drive long-term sustainability and adoption of the platform. The balance between automation and human-centric interaction will be crucial for XRPL’s continued success in the evolving blockchain landscape.