XRP Price Breakout in Doubt as Network Activity Plummets 52%

Although XRP had shown bigger price moves earlier this week, it has closed the week trading in the deep red territory, and its network activity has slowed down significantly.

While XRP has begun to show signs of a mild price recovery, its network activity is yet to follow the trend as data from crypto analytics platform CryptoQuant shows that only 451 XRP has been burned as fees over the last day.

This marks a massive decline of over 52% from the 942 XRP burned as fees in the previous day as the asset’s network usage plummets significantly.

XRP breakout in April?

Following the recent unstable price action, uncertainty concerning XRP’s potential price move has continued to grow, driving bearish sentiment that has triggered the massive drop in network usage.

However, XRP is beginning to show signs of a potential price breakout after flipping positive in the last few hours, showing a mild daily price increase of about 0.85%.

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Market watchers are hopeful that the mild price resurgence could mark the beginning of a major price rebound for XRP. They expect that it could possibly push XRP to reclaim its long-lost $2.5 mark as the next month provides an extremely bullish outlook per historical data.

Historical data on XRP’s previous price moves shows that April has been the asset’s strongest month, year upon year, delivering an average return of 24.8%.

While XRP is currently trading at $1.34 amid the prolonged volatility and cautious sentiment, demand is returning to the market as its exchange reserves across firms like Binance and others have continued to drop massively.