The XRP network has experienced a significant slowdown in user adoption as new wallet creation drops by over 40%. This decline follows a period of price volatility and market correction, mirroring the trend observed in April’s second week. 📈
Experts attribute this drop to the recent pullback in bullish sentiment, which is further reflected in the lower volume of XRP transactions.
A closer look at on-chain data reveals that the number of new wallets created peaked at over 5,200 in March, before steadily decreasing to under 2,900 by April 17. This indicates a clear correlation between rising user activity and earlier price surges.
While the brief recovery observed in mid-April saw a slight rebound, it ultimately failed to sustain momentum as network activity continued to decline.
Overall, this significant decrease in new wallet creation signals potential market fatigue and reduced interest from retail investors. It remains to be seen how XRP will navigate the current market dynamics.