XRP Price Breakout in Doubt as Network Activity Plummets 52%

Although $XRP had shown bigger price moves earlier this week, it has closed the week trading in the deep red territory, and its network activity has slowed down significantly.

While $XRP has begun to show signs of a mild price recovery, its network activity is yet to follow the trend as data from crypto analytics platform CryptoQuant shows that only 451 $XRP has been burned as fees over the last day.

This marks a massive decline of over 52% from the 942 $XRP burned as fees in the previous day as the asset’s network usage plummets significantly.

$XRP breakout in April?

Following the recent unstable price action, uncertainty concerning $XRP’s potential price move has continued to grow, driving bearish sentiment that has triggered the massive drop in network usage.

However, $XRP is beginning to show signs of a potential price breakout after flipping positive in the last few hours, showing a mild daily price increase of about 0.85%.

Market watchers are hopeful that the mild price resurgence could mark the beginning of a major price rebound for $XRP. They expect that it could possibly push $XRP to reclaim its long-lost $2.5 mark as the next month provides an extremely bullish outlook per historical data.

Historical data on $XRP’s previous price moves shows that April has been the asset’s strongest month, year upon year, delivering an average return of 24.8%.

While $XRP is currently trading at $1.34 amid the prolonged volatility and cautious sentiment, demand is returning to the market as its exchange reserves across firms like Binance and others have continued to drop massively.