Network activity and liquidity have全面下滑.

On-chain activity of the XRP Ledger has noticeably cooled down. According to the latest data from Santiment, the number of daily active addresses on XRPL has fallen to around 30,000, which indicates that overall trading volume and network usage are rapidly shrinking. Worse still, social dominance has also significantly declined, which is an indicator of XRP’s discussion heat within the entire crypto community. It has continuously decreased over the past three months, showing that retail investor interest has clearly cooled.

(Source: xrpscan)

macroeconomic environment pressure

Macroeconomic uncertainty is an external enemy that the entire cryptocurrency market cannot avoid. With the Federal Reserve’s (Fed) FOMC meeting and the market’s heightened attention to the Personal Consumption Expenditures (PCE) index, overall market sentiment tends to be risk-averse, which puts high-volatility cryptocurrencies at the forefront, and XRP will also be affected.

Regulatory news and ETF delay

Although Ripple announced a settlement with the U.S. SEC in early 2025, paying a $50 million fine and officially lifting the shadow of the XRP securities lawsuit, which should be considered a big positive, the market’s reaction has been relatively tepid. On the other hand, the market’s originally anticipated progress on the spot XRP ETF applications has stagnated, with proposals from institutions such as Bitwise, Franklin Templeton, and Grayscale facing delays in SEC review. Although the ProShares XRP futures ETF approved on April 30 is a glimmer of hope, the market impact of futures ETFs remains limited compared to the capital inflow potential of spot ETFs.

Ripple strategic shift to RLUSD

Ripple’s recent strategic shift towards focusing on the RLUSD stablecoin aims to establish a more stable cross-border payment bridge. However, this has raised a series of questions in the market: Is XRP’s core positioning still relevant? As RLUSD becomes the new darling of the ecosystem, does this marginalize XRP’s role as a bridge currency? Some investors are concerned that this indicates a diminishing importance of XRP in Ripple’s strategic roadmap, further undermining market confidence.

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Summary

The recent fall of XRP is not caused by a single factor, but rather a multiple attack of weakening fundamentals, macroeconomic instability, technical breakdowns, strategic shifts, and unmet market expectations. For the community and investors who are optimistic about the long-term potential of XRP, this period may be a torment, as well as a test.