The XRP Ledger (XRPL) just experienced its busiest week on record, processing more than 5.1 million transactions on June 15.
Unlike other networks that often rely on automated activity to boost numbers, this surge appears to have come from genuine user demand.
XRP Ledger Continues to Scale
According to blockchain analyst Ripple Van Winkle, users were actively involved in activities such as NFT minting, asset transfers, and decentralized trading, all contributing to the spike in volume.
He noted that XRPL handled the pressure without disruptions, keeping transaction fees low and performance stable throughout the day.
This event stands out because of the high volume and the network’s resilience. According to Van Winkle, XRPL recorded no delays, no spikes in transaction costs, and no reports of system strain.
Meanwhile, user participation across the network also appears to be growing.
RippleXity, citing Glassnode data, reported that XRP wallet registrations have surpassed 7.1 million, while the number of wallets holding more than one million XRP has reached a new high above 2,700.
Market observers said these numbers signal that interest in XRP remains strong even as price action lags. According to them, it is a sign that the protocol is ready to support high-volume adoption without needing emergency interventions.
“This consistency matters as crypto matures. Institutions want boring reliability, not flashy experiments. XRPL is starting to look like the TCP/IP of crypto — invisible, stable, critical,” Van Winkle stated.
XRP Investors Take Profits as Altcoin’s Price Slides
According to BeInCrypto data, the token is trading around $2.07, down roughly 3% over the past 24 hours and nearly 15% this month.
While these dips have frustrated some investors, others have seen it as an opportunity to lock in gains. Notably, data from Glassnode shows that long-term holders have begun realizing profits.
According to the blockchain analytical platform, XRP holders realized an average of $68.8 million daily gains in early June.
Glassnode explained that many of these exits are believed to be from buyers who entered before XRP’s rally in late 2024, when prices surged and peaked at $3.36 in January. Now, with the token down over 36% year-to-date, some whales appear to be selling.
“XRP is trading above $2, more than 3x higher than its base price before the sharp rally in November 2024. Investors who accumulated earlier are sitting on over 300% gains,” Glassnode stated.
Although this may reflect strategic profit-taking, it also points to the broader challenge of converting strong fundamentals into sustained upward price momentum.
Still, some analysts believe XRP may still find a second wind once the current wave of profit-taking subsides. They also point to the growing interest in XRPL, especially as stablecoin projects like USDC and tokenized US Treasuries begin to launch on the network.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
