Although selling pressures across the crypto market appear to be easing, XRP has continued to show mixed price action as the price fails to stabilize above major resistance levels.
Following the instability in XRP’s price, the asset’s network activity has failed to show any noticeable growth as XRP's active addresses have fallen to the lowest level in more than a week.
XRP active addresses fall to 14,809
According to data from crypto analytics platform Cryptoquant, the daily number of active addresses on the XRP network has fallen to 14.809. This marks the lowest level reached since Feb. 22.
Although the decline in active XRP addresses over the past day is only mild, it appears to have been triggered by the broader crypto market downturn.
Notably, the metric is a typical indication of lesser demand in XRP’s network activities as fewer wallets are transacting amid fading momentum.
Following the decrease in active addresses, it is evident that XRP's short-term momentum is increasingly growing weaker, which could trigger more downside pressure for XRP’s price.
XRP set for price switch
While the metric plays a major role in predicting the asset’s potential performance, it is unlikely that the recent decrease in active XRP addresses could cause any major impact on its potential price action, considering its mild difference.
Despite the decline seen in the metric, XRP’s price is gradually flipping to the green zone, as it is currently showing a decent price decline of only 0.04% over the past 24 hours.
While other notable cryptocurrencies like Ethereum and Solana are back on the upside trajectory, showing daily price gains of about 3-4%, XRP appears to be gradually picking up pace as well.
As XRP moves in preparation for a short-term recovery, it has jumped from its intraday low of $1.33 and is trading around $1.36 as of writing time.
Dan Burgin
Vladislav Sopov
