The post XRP network activity crashes 44%; Is $1 drop next? appeared on BitcoinEthereumNews.com.

The XRP network is seeing a drop in new addresses, which could pressure the asset and threaten its hold above the key $2 support. Specifically, the number of newly created addresses has dropped by 44% over the past month, falling from a high of 5,200 on March 22 to just 2,900 by April 17, according to data from cryptocurrency analytics platform Glassnode. Number of new XRP addresses chart. Source: Glassnode This drop in network activity aligns with XRP’s price decline, as fewer new addresses, a key sign of adoption, often signal weakening investor confidence and can precede further losses. Notably, the declining new addresses comes at a time when XRP’s technical setup is painting a bearish picture amid ongoing price consolidation.  XRP bearish technicals To this end, in an April 17 analysis, cryptocurrency trading expert Ali Martinez observed that XRP is exhibiting a textbook bearish head-and-shoulders pattern.  The formation shows a clear left shoulder, head, and right shoulder, with the price recently breaking below the neckline around $2.05. A retest of this level has already occurred, often a precursor to continued downward movement. XRP price analysis chart. Source: TradingView/Ali_charts This pattern, commonly seen before market reversals, suggests XRP could be headed much lower. If confirmed, the move could drag prices down to the $1.30 and $1.40 range, representing a potential drop of over 30% from current levels.  Unless XRP can reclaim the neckline as support, the risk of a deeper sell-off remains high. Meanwhile, as reported by Finbold, pseudonymous analyst CrediBULL noted that for XRP to stage a recovery, it needs to establish a bottom in the $1.60 zone. At the same time, short positions have surged, with bears eyeing levels below the $2 mark. In addition to the bearish technical setup, XRP has also seen a spike in whale…

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Filed under: News - @ April 20, 2025 12:19 pm