Decline in Active Addresses
According to data from Blockchain.com, the number of active addresses trading XRP daily has decreased by 10.5% in the past week. This is a significant decline and has raised concerns among investors and traders alike.
Reasons for the Decline
One of the main reasons for this decline is the ongoing lawsuit against Ripple, the company behind XRP. This has caused uncertainty in the market and many investors have decided to hold off on trading the altcoin until there is more clarity on the legal situation.
Moreover, the recent market volatility in the cryptocurrency space has also played a role in the decline of active addresses trading XRP. With Bitcoin and other major cryptocurrencies experiencing sharp drops in price, many traders have shifted their focus to these assets, causing a diversion from XRP.
Impact on XRP Price
The decline in active addresses trading XRP has also had an impact on its price. Over the past week, XRP has seen a 3% decrease in price, which is lower compared to other altcoins in the market. The lack of trading activity is a contributing factor to this decrease in price.
Looking Ahead
Despite the decline in active addresses, there is still a lot of potential for XRP. With the ongoing lawsuit and market volatility, the altcoin may continue to see fluctuations in trading activity. However, with support from major exchanges and growing partnerships, XRP may see a resurgence in trading activity and regain its position as one of the top cryptocurrencies in the market.
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Sentiment Result : Negative
