In contrast to Bitcoin’s rise, is struggling to keep up. Although its price is holding around $2.24, its network activity has dropped significantly.
Daily Transactions: The XRP Ledger, which is the blockchain network that powers XRP, is now processing just over 320,000 payments per day. This is a big drop compared to over a million transactions seen in earlier months.
Active Wallets: The number of active XRP wallet addresses has also fallen, now below 10,000 daily users. This indicates fewer people are sending or receiving XRP on the network.
Burned XRP: The amount of XRP burned as transaction fees has dropped to about 1,500 XRP per day, the lowest in months. When XRP transactions are made, a small amount of the token is burned. Lower burns reflect lower overall usage.
Futures Trading: Open interest in XRP futures, which indicates how much money is currently tied up in XRP derivatives, has dropped from $4.55 billion to $4.11 billion. This shows that traders are losing interest or becoming more cautious.
On-chain data also reveals that the number of active addresses recently dropped from over 42,000 to 28,000, before bouncing back slightly to 31,000. This kind of activity suggests a cooling of user interest in the network.
