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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.