The on-chain metrics support the recent poor price performance of XRP. XRP Ledger has seen a sharp decline in the quantity of new accounts being created, according to data. In contrast to the peak activity earlier in the year when over 30,000 new accounts were activated in a single day, only 1,756 new accounts were activated Dec. 22, 2024.
This steep drop shows that XRP is not drawing in new investors, which could be bad for its expansion. The quantity of transactions that are carried out on the network further contributes to the alarming patterns. Throughout the year there were occasional spikes in the number of XRP transactions, but in the last month activity has significantly decreased.
XRP/USDT Chart by TradingView
Since lower adoption and engagement from both retail and institutional users are frequently correlated with fewer transactions, this drop in network usage points to waning interest in the asset. In terms of price, XRP has been having trouble because it has been unable to break out of its descending triangle formation. Despite its prior attempts at a breakout, XRP's price has not shown much momentum and is currently trading at about $2.43.
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The bearish outlook is only made worse by the absence of new investors and dwindling network activity. It is important to keep a close eye on key support levels at $2.15 and $1.62 because a break below them might signal a more significant correction. Declining user growth, fewer transactions and slow price movement all point to a larger problem: Investors seem reluctant to put more money into XRP.
In the absence of new interest and activity, XRP might struggle to hold its current position or start another rally. The current metrics show a network that is losing its appeal, but there is still hope for a reversal — possibly through major partnerships or network upgrades. XRP's standing in the cryptocurrency market may deteriorate further if these issues are not resolved quickly.
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