XRP Hits Lowest Daily Close Since November 2024 Amid Lackluster New User Growth

XRP's price has been in decline, and it recently hit its lowest daily close since November 2024 at $1. This marks a significant drop of nearly 69% from its peak of approximately $3.3 reached in January 2025.

According to Santiment's on-chain data analysis, the average daily number of active addresses on the network increased by 33% in August compared to July, reaching 35,700. However, this growth is attributed to existing users becoming more active rather than a new influx of investors.

The stagnation in new user growth is seen as a key indicator that could hinder price recoveries, with market experts pointing out that historically, new investor inflows into networks accelerate during periods of strong bull run. Santiment noted that the data showed no significant growth in newly created addresses per day, with an average of approximately 2,260 new addresses in August remaining very close to the levels seen in July.