Why is XRP wallet growth rising despite a 49% price drop since Q4 2025?

XRP price has crashed nearly 50% since Q4 2025, yet over 500k new wallets pushed the ledger above 7.5m accounts, creating a sharp divergence between price and participation.

XRP’s (XRP) price has been gutted; its network has not. Despite a 49% drawdown since Q4 2025, more than 500,000 new XRP wallets have appeared on-chain, pushing the ledger past 7.5 million accounts.

The crypto market backdrop is brutal. The global market cap has shed $1.43 trillion since October 2025, with XRP mirroring Ethereum’s 49% slide, lagging Bitcoin’s 38% retreat but faring better than Solana’s 56% slump. XRP entered Q4 2025 near $2.84, briefly tagged $3.1, then “collapsed 11.89% in October 2025,” a move triggered by the “10/10 market crash” that wiped $1.27 from the token in a single shock event. It now trades around $1.44, marking four straight monthly red candles and flirting with a fifth, something not seen since 2016.

XRP price stuttering along with broader crypto market

On-chain, however, the picture is less capitulatory. Data from the community‑run XRP Rich List “confirms this trend, pointing to sustained adoption at a time when the price has struggled.” Since XRP crossed 7 million wallets in September 2025, the ledger has added exactly 526,446 new addresses, lifting the count to 7,576,446—an increase of more than 500,000 wallets in under five months. Daily new accounts have generally ranged between 2,500 and 5,000, punctuated by spikes: 9,900 wallets on October 30, 11,242 on November 2, and a record 13,300 on November 11, “marking the largest daily increase in history.”

Even so, growth is cooling versus last cycle. From October 2024 to February 2025, XRP wallets jumped from 5,330,427 to 6,105,025, an expansion of 774,598 in less than five months. As the article notes, periods of deep drawdown “often discourage new investors from entering the market in droves,” yet the fact that over half a million wallets appeared during this downturn signals that core demand has not vanished.

This stuttering adoption is playing out as macro risk assets bleed. Bitcoin (BTC) changes hands near $71,200, with a 24‑hour range roughly between $71,100 and $76,700 and about $50.3B in spot turnover. Ethereum (ETH) trades around $2,100, down more than 7% on the day, on roughly $49B in 24‑hour volume and a market cap near $252B. XRP (XRP) itself hovers close to $1.43, down over 10% in the last 24 hours, with around $2.14B in spot volume and $8.19B in derivatives flow.

For traders, the signal is uncomfortable but clear: price is capitulating faster than participation. If that divergence persists, it sets the stage for the kind of reflexive snapback that has historically followed heavy liquidation phases in assets like Bitcoin and XRP.