On August 7, 2025, the landmark SEC lawsuit against Ripple and its executives officially came to an end. This removed one of the crypto market’s biggest legal overhangs and instantly pushed XRP to the top of the headlines. The price surged to around $3.22, but on-chain data reveals a more nuanced story.

1. Active Users: No New Wave Arrived

Daily active addresses on the XRP Ledger actually fell by over 10% to around 24,701 despite the price rally. This suggests that the recent surge was largely fueled by capital rotation among existing holders rather than a fresh influx of new participants.

2. Exchange Inflows: Possible Profit-Taking Signal

CryptoQuant data from Binance and Upbit shows sharp spikes in depositing addresses just before and right after the news broke. Such inflow peaks often indicate preparations for selling or short-term trading, though withdrawals also saw an uptick in the same window, hinting that some new buyers entered as well.

3. Exchange Reserves: Liquidity Building in Asia

XRP reserves on Binance have climbed again after last month’s decline, while Upbit’s holdings have continued a steady upward trajectory — reinforcing the Asian market’s growing role in XRP trading volume. OKX, meanwhile, is holding almost no XRP, a sign of nearly complete asset outflows.

4. Analytical Takeaway

The combination of “higher price + fewer active users” points to short-term speculative dominance and high liquidity concentration in the hands of a smaller group of traders. If exchange reserves keep rising quickly, the probability of a post-hype correction grows.

In short, the SEC news served as a powerful bullish catalyst, but the sustainability of XRP’s rally hinges on attracting new market entrants and easing short-term selling pressure. For now, the on-chain signals say the game is still in the hands of the pros.

Written by CryptoOnchain

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