XRP network participation weakened sharply over the past two weeks as active addresses fell from nearly 50,000 to around 25,000. The drop signaled fewer users on the network and raised fresh concerns about demand. At the same time, Ripple prepared its largest Swell event ever in New York, where it will combine Swell with XRPL Apex for the first time.
Active addresses on the XRP network dropped by about half over two weeks. The decline stood out as it erased a large share of recent engagement. It also showed that fewer users interacted with the network during the period.
Even so, network activity often moves up and down during uncertain market conditions. In XRP’s case, the scale of the decline drew attention since it came after a recent rise in participation.
At the same time, XRP’s network value to transaction ratio moved lower. The NVT ratio fell to 199.75 after a 15.29% daily decline. That suggested transaction activity improved relative to XRP’s valuation.
A falling NVT ratio often suggests that network value and transaction volume are moving closer together. For XRP, that shift pointed to easing valuation pressure even as active addresses fell. The contrast created a split between participation and efficiency.
Still, the lower NVT reading did not remove concerns about the drop in activity. Network usage remained well below the level seen two weeks earlier. As a result, the weaker address count continued to shape the broader picture.
Spot flow data added another layer to the trend. Exchange withdrawals kept exceeding deposits, which suggested that more XRP left exchanges than entered them. That pattern often reflects holders moving tokens into private wallets.
At press time, inflows reached about $39.11 million, while outflows totaled roughly $46.76 million. Net flows, therefore, stayed negative. The figures pointed to a lower amount of exchange-held supply rather than stronger selling pressure.
Read More: XRP ETF Inflows Clash with Seller Fatigue: Is Ripple’s Breakout at Risk?
Ripple’s flagship event will return to New York from October 27 to 29. This year’s edition will bring Swell and XRPL Apex together at The Shed in Manhattan. Ripple said the combined event will be its biggest yet.
The company previously kept the two events separate. XRPL Apex focused on developers building on the XRP Ledger. Swell centered on institutions such as banks, payment firms, asset managers, and investors.
This year’s agenda will include three tracks. The institutional track will target banks, asset managers, and payment companies. The Ecosystem track will focus on developers and XRP Ledger projects. The Innovation track will cover topics such as tokenized real-world assets and AI-driven payments.
Ripple expects more than 1,500 attendees and over 75 speakers. That makes the event its largest Swell to date.
XRP saw weaker network activity as active addresses fell sharply, while its NVT ratio improved, and exchange outflows stayed above inflows. At the same time, Ripple prepared its largest Swell event in New York, bringing institutions and developers together around XRP’s next phase.