XRP Ledger Q3 2025: Transactions Up 8.9%, NFT Activity Surges

The XRP Ledger experienced significant expansion in fundamental network metrics during the third quarter of 2025, with average daily transactions climbing 8.9% quarter-over-quarter from 1.6 million to 1.8 million. This growth was accompanied by a substantial 15.4% increase in average daily active sender addresses, which rose from 21,900 to 25,300, indicating heightened user engagement across the blockchain network.

Address growth proved particularly impressive, with total new addresses surging 46.3% to reach 447,200 during the quarter. The overall address count on the XRPL network grew 6.1% to 6.9 million, reflecting continued expansion of the user base. However, Messari’s analysis revealed an interesting pattern: for the fifth consecutive quarter, active receiver addresses outnumbered active sender addresses, though average daily receivers declined 30.1% from 72,000 to 50,300.

This discrepancy between sender and receiver activity patterns points to distribution events, particularly airdrops, where many previously inactive wallets receive tokens from a smaller group of senders. The phenomenon was notably influenced by Midnight, a privacy-focused sidechain in the Cardano ecosystem, which conducted a snapshot in June for its NIGHT token airdrop that included XRPL users holding more than $100 worth of XRP, with the claim period running from August 5 to October 4.

NFT activity represented one of the most dynamic growth areas for the XRP Ledger in Q3 2025, with average daily NFT transactions jumping 51.1% quarter-over-quarter from 50,400 to 76,100. This substantial increase underscores the expanding utility of the XRPL beyond traditional payment functions and highlights growing developer and user interest in the network’s NFT capabilities.

The surge in NFT activity was primarily driven by a remarkable 70.8% increase in average daily NFT mint transactions, which climbed from 37,800 to 64,600. This dramatic rise in minting activity suggests both increased creator participation and growing demand for new NFT projects on the XRP Ledger. Meanwhile, other NFT transaction types remained relatively stable throughout the quarter, indicating that the growth was concentrated in new project creation rather than secondary market activity.

XRP, the native token of the XRP Ledger, concluded the third quarter on a strong note, closing at an all-time high of $2.85 with a 27.2% quarter-over-quarter gain. Its circulating market capitalization rose 29% to $170.3 billion, significantly outperforming the combined 13.3% market cap gain posted by Bitcoin, Ethereum, and Solana during the same period, demonstrating remarkable relative strength among major cryptocurrencies.

However, the token’s momentum cooled in October as broader market sentiment turned negative following hawkish signals from the US Federal Reserve. XRP declined by 12% over the past month to approximately $2.50 amid heavy selling pressure, reflecting the cryptocurrency’s sensitivity to macroeconomic conditions and regulatory developments.

The recent market downturn reignited debate around XRP’s real-world utility, with crypto analyst Scott Melker, known as ‘The Wolf of All Streets,’ questioning the token’s current role. Melker noted that major financial institutions like SWIFT and Western Union are increasingly turning to alternative payment networks, casting doubt on XRP’s positioning as a cross-border settlement solution. While some community members defended XRP as a ‘neutral bridge currency’ for international transfers, Melker acknowledged the token’s technical strengths but remained skeptical about its long-term value proposition in an increasingly competitive blockchain landscape.