- XRP price fell below $2, marking a 17% decline over the past week.
- On-chain data shows a massive surge in active XRP addresses, tripling from 89,606 to over 370,000 within two weeks.
- Binance outflows hit a monthly high of $465 million on March 7 but have since sharply declined.
Despite the recent bearish trend in XRP’s price, on-chain metrics paint a different picture. Data from Glassnode reveals a significant spike in active XRP addresses between February 21 and March 10, increasing from 89,606 to approximately 543,000 by March 2.
While there was a minor dip after this peak, the figure remained high at 531,000 on March 7 and 370,000 on March 10—well above historical levels.
This surge in activity typically indicates growing user engagement, increased transaction volumes, or heightened speculation. However, the correlation between rising network usage and declining prices raises questions about broader market sentiment.
Binance XRP Outflows Slow Amid Market Hesitation
Another notable trend is the sharp decline in Binance outflows. On March 7, XRP saw a massive $465 million outflow from Binance, the highest single-day withdrawal in a month. However, this trend reversed over the past three days, with outflows significantly decreasing.
This shift suggests that large investors, or whales, may be pausing accumulation, reflecting potential uncertainty in XRP’s price direction. Typically, heavy outflows from exchanges indicate strong accumulation as traders move assets to private wallets. Conversely, reduced outflows can signal hesitation or a wait-and-see approach.
The divergence between XRP’s declining price and increasing network activity suggests a market equilibrium where neither bulls nor bears have full control. Some analysts believe that the sustained high activity on the XRP Ledger points to strong fundamental resilience, while the price dip reflects short-term speculative trading rather than a deeper weakness.
With the final Ripple lawsuit ruling set for April 16, market participants are closely monitoring developments. The ruling could serve as a pivotal moment for XRP, potentially influencing both investor sentiment and price trajectory.
