On-chain metrics support the recent weak price performance XRP. XRP Ledger saw a sharp decline in the amount of new accounts created, according to the data. In contrast to the peak of activity earlier in the year when more than 30,000 new accounts were activated in a single day, only 1,756 new accounts were activated. Activate it December 22, 2024.

This sharp decline shows that XRP is not attracting new investors, which could be bad for its expansion. The amount of transactions being carried out on the network contributes to these troubling patterns. Throughout the year, there were occasional increases in numbers XRP Transactions, but last month activity decreased significantly.

Since a lower rate of adoption and engagement by both retail and institutional users is often associated with fewer transactions, this decline in network usage indicates declining interest in the asset. In terms of price, XRP is in trouble as it was unable to break out of the descending triangle formation. Despite its previous breakout attempts, XRP price has not shown much momentum and is currently trading at around $2.43.

The bearish outlook is made worse by the absence of new investors and dwindling network activity. It is important to keep a close eye on the key support levels at $2.15 and $1.62 because a break below them could indicate a more significant correction. Low user growth, lack of transactions, and slow price movement point to a larger problem: investors seem reluctant to invest more money in XRP.

In the absence of new interest and activity, XRP may have difficulty maintaining its current position or starting another rally. Current metrics show the network is losing its appeal, but there is still hope for a reversal – perhaps through major partnerships or network upgrades. XRP's standing in the cryptocurrency market may deteriorate further if these issues are not resolved quickly.