According to PANews, recent data from XRPScan indicates a significant slowdown in activity on the XRP Ledger. Payment transactions have dropped to 320,747, marking the lowest level since October last year, and falling well below the average of over a million transactions from March to early May. The number of active addresses has also decreased to below 10,000, the lowest since October. Additionally, the amount of XRP destroyed as transaction fees has fallen to 1,500, aligning with a slowdown in new account creation. This decline follows a strong first quarter performance, where payment transactions increased by 36% and active addresses grew by 142%. Despite this, a Messari report remains optimistic about the XRP Ledger's future, citing increased institutional adoption through strategic partnerships and acquisitions.
In recent developments, Bitcoin has surged to a record high of over $110,000, rising more than 40% from its early April low. This rally has boosted the market, with XRP climbing from $1.6 to $2.6, a 62% increase. However, the upward momentum has stalled, with XRP remaining well below its January peak of approximately $3.4. This suggests that XRP has not benefited from Bitcoin's new highs as it did earlier in the year, potentially indicating weakened demand. Caution is advised, as a potential Bitcoin downturn could exert pressure on XRP prices.
