The XRP Ledger is undergoing a significant transformation, moving away from retail activity towards an interbank settlement network. Analysts from Serotonin note a dramatic 50% drop in daily active users from 39,500 in January to about 19,500 by late June 2025, indicating a shift towards more intensive use by remaining participants. While XRP reached a new all-time high, nearly all on-ledger transactions (99.7%) are now payment-related, with speculative trading representing less than 1%. This trend suggests that casual users are departing, leaving behind capital that is being deployed more heavily. The network, once heavily supported by retail participants, now appears to be evolving into a platform primarily for institutional usage, illustrating a notable change compared to the previous year. Ripple CEO Brad Garlinghouse has cautioned the community about increased scams as the market matures, hinting at a potential future where retail involvement diminishes even further.

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