The number of new addresses per day on the XRP Ledger (XRPL) he uses XRP As its native token, it has collapsed by 85% from December 2024 to May 7.
XRPL reported 18,000 new addresses per day in December 2024, but that number has since dropped to 2,700 on Thursday, according to Data from Vitreous node Analyzed by Feinbold. With a decline of 15,300 new addresses per day on the XRP Ledger during this period, the speculative wave towards the all-time high (ATH) has slowed significantly at press time.
The significant decline in the number of daily new users on XRPL exacerbated the decline in the monthly active supply of XRP, based on Updates from Vitreous node. Furthermore, the number of monthly active supply on this network decreased from 7.5 billion XRP per day to 2 billion tokens per day during this period.
However, the total number of addresses on the XRP Ledger has steadily increased over the past few years, reaching ATH, Finbold said. I mentioned.
XRP Price Forecast Amid Low XRP Ledger Adoption Rate
The significant decline in XRP Ledger adoption impacted the token’s price over the same period. For example, this altcoin is down more than 24% year-to-date, trading at around $1.39 at press time. As such, its market capitalization has declined in tandem and is currently hovering at around $86.3 billion.
With the price of XRP having struggled to rise beyond $1.50 since its capitulation in February until now, Finbold said maleFurther weakness in XRPL adoption may indicate bearish sentiment. However, if the number of new addresses per day on the XRP Ledger rebounds in the near future, the token could see a sustained recovery, underscoring the pivotal role that network activity plays in shaping the course of the XRP market.
