I noticed something strange in the recent XRP data – wallets are continuously increasing while the price remains crushed below its peak level. The currency was at $3.65 last July, and now it’s trading around $1.44 – a decrease of about 60% roughly. But at the same time, XRP wallets have reached record numbers exceeding 7.8 million active wallets.

This disconnect between the network and the price really piques curiosity. On-chain data shows ongoing activity – new addresses are constantly joining, transactions are increasing, users continue to hold. But the price? The price remains stagnant and doesn’t reflect this growth.

Distribution is also interesting – the majority of XRP holders are small investors. About 5.66 million wallets hold less than 100 units, while only 32,000 wallets hold large amounts. This means the base is very strong, but control is concentrated in a few hands.

The real question here: is network growth enough in the end? Or are market sentiment and emotions what truly drive the price? It seems XRP has one of the largest communities in the space, but this hasn’t yet translated into price performance. This could be an opportunity, or it could be a sign that fundamentals alone aren’t enough in the current market.