XRP network activity hits critical level historically tied to major rallies

The average number of transactions per ledger on the XRP Ledger (XRPL) is nearing levels last seen during major bull markets. 

​As of March 24, the average number of transactions per ledger was approaching 200, according to Vet, an XRPL validator on the network’s default Unique Node List (dUNL). This level has historically coincided with major XRP bull runs, most notably during the 2020 bull market and again in Q4 2024.

​The upsurge in transactions per ledger has been building over the past few months. In late 2025, the figure bottomed out and has since been gradually increasing, bringing it back toward previous cycle highs.

XRPL transaction spike coincides with its mainstream adoption

The notable growth in XRPL transactions per ledger has coincided with the ongoing mainstream adoption of the network as a cross-border payment rail. Specifically, the number of XRP Ledger addresses as of March 24, 2026, stood at approximately 8,170,693, up significantly from 4,866,823 accounts recorded on March 25, 2023, as per data shared by CryptoQuant, an on-chain analytics platform.

​As Finbold recently reported, more than 50% of XRPL’s transactions are payments, potentially involving XRP and Ripple USD (RLUSD). Reinforcing its utility, the XRPL network has also experienced significant growth in its use within the Decentralized Finance (DeFi) ecosystem, accounting for 34.2% of the over 1 million transactions sampled.

Ripple Labs-induced growth

Ripple Labs has played a significant role in accelerating the growth of the XRPL network through its strategic acquisitions, partnerships, and blockchain-based product solutions. ​

For instance, in February 2026, Ripple Labs announced a strategic partnership with Zand, an Artificial Intelligence (AI) and blockchain-powered digital bank in the United Arab Emirates (UAE), to advance digital payment infrastructure.