XRP’s network activity nosedives 45% in a week; Crash below $3 next?
Main Idea
XRP's network activity and price have significantly declined, with active addresses dropping by 44.2% and the price falling 10.99%, amid concerns over whale activity and lack of momentum.
Key Points
1. XRP's active addresses dropped from 44,143 on July 21 to 24,644 by July 27, a 44.2% decline, while its price fell from $3.55 to $3.16, a 10.99% drop.
2. Whale activity, including Ripple co-founder Chris Larsen moving $140 million worth of XRP to exchange-linked wallets, has spooked investors and contributed to the loss of momentum.
3. Chris Larsen still holds over 2.5 billion XRP (worth nearly $9 billion), raising concerns about potential further sell-offs.
4. XRP's price support has eroded, with sentiment cooling and capital shifting back to Bitcoin, stalling the broader altcoin rally.
5. Potential upside for XRP could emerge if the SEC approves a spot XRP ETF and concludes its long-running case against Ripple.
Description
XRP’s network activity has taken a major hit, with active addresses plunging alongside the asset’s inability to push further toward the $4 mark. Notably, the number of XRP’s active addresses peaked at 44,143 on July 21 on the weekly timeframe before dropping to just 24,644 by July 27, a 44.2% decline. The drop followed a brief surge from 30,190 on July 20, indicating that the increase in user activity was short-lived, according to the latest on-chain data retrieved by Finbold from CryptoQuant. A...
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