The XRP network is seeing a drop in new addresses, which could pressure the asset and threaten its hold above the key $2 support.
Specifically, the number of newly created addresses has dropped by 44% over the past month, falling from a high of 5,200 on March 22 to just 2,900 by April 17, according to data from cryptocurrency analytics platform Glassnode.
Number of new XRP addresses chart. Source: Glassnode
This drop in network activity aligns with XRP’s price decline, as fewer new addresses, a key sign of adoption, often signal weakening investor confidence and can precede further losses.
Notably, the declining new addresses comes at a time when XRP’s technical setup is painting a bearish picture amid ongoing price consolidation.
XRP bearish technicals
To this end, in an April 17 analysis, cryptocurrency trading expert Ali Martinez observed that XRP is exhibiting a textbook bearish head-and-shoulders pattern.
The formation shows a clear left shoulder, head, and r
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