The XRP Ledger (XRPL) recorded a steady rise in network metrics during the third quarter of 2025, according to a new report by Messari. The data shows that network usage and activity strengthened across several indicators, amid growing engagement from users and developers.
Transactions, Wallets, and NFTs on XRP Ledger
Average daily transactions on the XRPL increased 8.9% quarter-over-quarter, rising from 1.6 million in Q2 to 1.8 million in Q3. Similarly, average daily active sender addresses climbed 15.4% from 21,900 to 25,300, while total new addresses surged 46.3% to 447,200. The total number of addresses on the network also grew 6.1% to reach 6.9 million.
Messari found that for the fifth consecutive quarter, active receiver addresses outnumbered active sender addresses. However, average daily receivers declined 30.1% during the same period from 72,000 to 50,300. The report explained that when receiver addresses exceed sender addresses, it often points to distribution events like airdrops, where many previously inactive wallets receive tokens from a smaller group of senders.
Airdrops were a notable factor this quarter. Midnight, a privacy-focused sidechain in the Cardano ecosystem, conducted a snapshot in June for its NIGHT token airdrop, which included XRPL users holding more than $100 worth of XRP. The claim period ran from August 5 to October 4.
NFT activity was another important growth area. Average daily NFT transactions jumped 51.1% quarter-over-quarter, surging from 50,400 to 76,100. The increase was largely driven by a 70.8% surge in average daily NFT mint transactions, which climbed from 37,800 to 64,600. Other NFT transaction types remained relatively stable over the quarter.
Debate Over XRP’s Real Utility Heats Up
XRP Ledger’s native token, XRP, ended the third quarter on a strong note as it closed at an all-time high of $2.85, up 27.2% quarter-over-quarter. Its circulating market capitalization rose 29% to $170.3 billion, outperforming the combined 13.3% gain in market cap posted by Bitcoin, Ethereum, and Solana over the same period.
However, the token’s momentum cooled in October as broader market sentiment turned negative following hawkish signals from the US Federal Reserve. XRP slipped by 12% over the past month to around $2.50 amid heavy selling pressure.
The recent downturn also reignited debate around XRP’s real-world utility. Crypto analyst Scott Melker, known as “The Wolf of All Streets,” questioned the token’s current role, adding that major financial firms like SWIFT and Western Union are turning to alternative payment networks. While some community members defended XRP as a “neutral bridge currency” for cross-border transfers, others criticized Melker’s stance. Melker acknowledged its technical strengths but remained skeptical about its long-term value.