On June 3, PANews reported, according to CoinDesk, that XRPScan data shows a significant slowdown in activity on the XRP Ledger, with payment transaction volume dropping to 320,747, the lowest since last October, far below the average level of over a million transactions from March to early May. The number of active addresses has also fallen below 10,000, the lowest since October. Meanwhile, the number of XRP burned as transaction fees has decreased to 1,500, a multi-month low, in line with the slowdown in new account creation. This slowdown follows impressive results in the first quarter when payment transaction volume grew by 36% month-over-month and the number of active addresses grew by 142%. A Messari report is optimistic about the prospects of the XRP Ledger, stating that institutional adoption is increasing through strategic partnerships and acquisitions.
Recently, Bitcoin surged to a historic high of over $110,000, increasing more than 40% from its low in early April. This rebound drove the market up, with XRP rising from $1.6 to $2.6, an increase of 62%, but subsequently, the upward momentum stalled, far below the January peak of about $3.4 for XRP. This indicates that XRP has not benefited from Bitcoin's new high as it did at the beginning of the year, or suggests a weakening demand, necessitating caution, as a potential decline in Bitcoin could exert pressure on XRP's price.
