$XRP Ledger Activity Decline: The number of daily active addresses on the XRP ledger plummeted from a peak of 108,000 in December to 21,000, sharply decreasing activity, leading to a drop in trading volume and on-chain liquidity, which in turn reduced demand and put downward pressure on prices.

● ETF Delay Impact: The U.S. SEC has postponed its decision on Franklin Templeton's XRP spot ETF proposal until June 17, 2025, delaying potential institutional capital inflows and undermining investor confidence.