Key highlights:
- XRP capitulation has seen a notable surge amid the sustained price crash.
- Glassnode reveals that the profit-to-loss ratio dropped to 0.38.
- The network activity has also fallen, with transaction fees plummeting to just 500 XRP.
As the
This represents a massive fall of above 91%, as noted by Glassnode. Since the market peak, the network activity has decreased considerably. The post added,
“A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.”
What Does the Glassnode Data Mean for the XRP Price?
The latest data shared by Glassnode, including XRP capitulation and network activity, signals an overall bearish picture for the Ripple token price. As the network activity has dropped and traders are selling at a loss, the market sentiment is under pressure.
The XRP price has been caught within the red zone over the past few months, failing to break critical levels. As of now, the altcoin is trading at $1.10, down by 4% in a day. It has also witnessed notable drops of 11% and 24% in a week and a month, respectively. The current XRP price is nearly 70% down from its all-time high of $3.55. This massive drop has pushed the activity down and XRP capitulation up.
But these data don’t necessarily mean that the XRP price has reached its bottom. The token remains in a defensive phase, where investors hesitate to take risks. If it manages to hold critical support levels, the XRP price could provide a bullish outlook.
Source:: XRP Price Sees 24% Monthly Drop, Glassnode Say Holders Near Capitulation