XRP Ledger Crosses 8 Million Accounts as Exchange Supply Dwindles Ahead of Protocol Vote

XRP Ledger surpasses 8 million activated accounts as Binance reserves hit 6-month low. Price remains near $1.11, down 41% over 12 months, with mixed derivatives and key technical resistance ahead.

The XRP Ledger hit a fresh milestone on Tuesday, surpassing 8 million activated accounts. The growth in user adoption comes as token holders increasingly move their coins off trading platforms, with Binance’s XRP reserves sliding to around 2.61 billion — the lowest level in six months. When assets exit exchange wallets, it typically signals a shift toward long-term storage and reduces the pool of tokens available for immediate sale.

Yet the price action tells a more cautious story. XRP is trading at $1.11, barely 10 percent above its 19-month low of $1.01 touched in late June. The token remains nearly 70 percent below the cycle high of $3.64 reached in July 2025. Over the past 12 months, XRP has shed roughly 41 percent of its value.

Derivative markets are flashing mixed signals. CryptoQuant analyst Pelinay notes that several Binance-based indicators have shifted to a neutral posture, even as the spot price continues to trend lower. Liquidation data underscores the standoff: roughly 103,000 XRP in long positions were forcibly closed alongside 122,000 XRP in short liquidations, suggesting selling pressure from liquidations has eased considerably. Meanwhile, open interest in perpetual futures climbed to 2.4 billion XRP on Monday, up from 2.13 billion the previous day, as traders jockey for position around the $1.10 level — though conviction for a breakout remains thin.

The technical picture is equally ambiguous. XRP is testing resistance just below its 50-day moving average of $1.13, with the 100-day at $1.26 and the 200-day at $1.42 providing additional overhead hurdles. A clean move above all three would be needed to confirm a trend reversal. On the downside, the zone between $1.08 and $1.10 is the key support; a break below that could open the door to a retest of the $1.01 floor.

On the adoption front, crypto exchange Bybit launched a “Hold & Earn” program for the dollar-pegged stablecoin RLUSD, which runs on both the XRP Ledger and Ethereum. The initiative runs until August 19 and offers rewards for holding the token, whose market capitalization has expanded to over $1.5 billion this year. Bybit has also slashed maker fees for the RLUSD/USDT pair to zero and set up a 50,000 RLUSD prize pool to stimulate trading activity. RLUSD is fully backed by cash and cash equivalents and redeemable 1:1 for US dollars, marking another step in institutional uptake of Ripple’s stablecoin.

The XRP Ledger itself is poised for a major upgrade. Validators are set to vote within the next two weeks on a protocol overhaul that includes three key features: batch transactions to process multiple transfers in a single operation, confidential transfers for enhanced privacy on certain transaction types, and sponsored fees that allow third parties to cover transaction costs — potentially lowering the barrier for new users.

Regulatory uncertainty continues to hang over the asset. The Digital Asset Market Clarity Act remains stalled in the US Senate with only 14 working days left before the summer recess. Disputes over ethics clauses and stablecoin yield regulation have blocked progress. Some senators have signaled a possible floor vote before July 25, but without an updated bill text, the market remains cautious. If no deal materializes within the next three weeks, passage could slip to 2027 due to upcoming election cycles.

Bitcoin’s recent slip toward $64,000 has added to the cautious mood across altcoins. Institutional inflows into XRP products have stayed below $1 million for two straight weeks, underscoring the lack of conviction. For now, XRP remains trapped between its moving-average ceiling and its June support floor, waiting for either a technical breakout or a regulatory catalyst to break the stalemate.