
On-chain activity on the XRP network has declined significantly, with the daily count of new addresses plummeting from 18,000 to 2,700, and the monthly active supply falling from 7.45 billion XRP to approximately 2 billion XRP. Although the price remains above historical levels, over 41% of the total supply is currently held at a loss—suggesting that some large holders may be "underwater" and that short-term market momentum has clearly cooled off.
