XRP Ledger has experienced a significant decline in active wallets, with a 41% drop in average returns, according to Santiment data. This marks the weakest MVRV level since the FTX collapse, indicating substantial losses for traders. Despite this, Ripple is expanding its operations in Africa, capitalizing on growing digital asset activity and clearer regulatory frameworks in countries like South Africa and Nigeria.Meanwhile, XRP ETF assets remain near $940 million, though inflows have been inconsistent, reflecting cautious institutional interest. The mixed ETF flows suggest that large investors are still hesitant to make long-term commitments, contributing to the current market uncertainty. Ripple's strategic focus on Africa and the potential for regulatory-driven growth could support future activity on the XRP Ledger.