XRP Plunges to 2024 Lows Amid Shrinking User Base and Intense Selling Pressure

XRP has continued to decline in value over the past few weeks, hitting its lowest point since November 2024. The altcoin's price has been trading within a steep descending channel and has breached the $1 support level on several occasions.

The market weakness can be attributed to a lack of new users, according to Santiment Intelligence. While network activity has risen slightly, the user base has not expanded at all, with new addresses holding flat between 2,260 per day in August and 2,270 in July.

However, daily active addresses have increased from 26,400 in July to 35,700 in August, suggesting that existing holders are transacting more frequently. Transactions have also held within an upward trajectory, with XRP's transaction count rising consecutively over the past six days.

The Exchange Supply Ratio has been on a continued rise, hitting 0.026, indicating intense selling pressure. The Awesome Oscillator (AO) confirms this trend, holding negative for two consecutive weeks and suggesting sellers are in control of the market.