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The XRP network is seeing a drop in new addresses, which could pressure the asset and threaten its hold above the key $2 support. Specifically, the number of newly created addresses has dropped by 44% over the past month, falling from a high of 5,200 on March 22 to just 2,900 by April 17, according to data from cryptocurrency analytics platform Glassnode. Number of new XRP addresses chart. Source: Glassnode This drop in network activity aligns with XRP’s price decline, as fewer new addresses, a key sign of adoption, often signal weakening investor confidence and can precede further losses. Notably, the declining new addresses comes at a time when XRP’s technical setup is painting a bearish picture amid ongoing price consolidation. XRP bearish technicals To this end, in an April 17 analysis, cryptocurrency trading expert Ali Martinez observed that XRP is exhibiting a textbook bearish head-and-shoulders pattern. The formation shows a clear left shoulder, head, and right shoulder, with the price recently breaking below the neckline around $2.05. A retest of this level has already occurred, often a precursor to continued downward movement. XRP price analysis chart. Source: TradingView/Ali_charts This pattern, commonly seen before market reversals, suggests XRP could be headed much lower. If confirmed, the move could drag prices down to the $1.30 and $1.40 range, representing a potential drop of over 30% from current levels. Unless XRP can reclaim the neckline as support, the risk of a deeper sell-off remains high. Meanwhile, as reported by Finbold, pseudonymous analyst CrediBULL noted that for XRP to stage a recovery, it needs to establish a bottom in the $1.60 zone. At the same time, short positions have surged , with bears eyeing levels below the $2 mark. In addition to the bearish technical setup, XRP has also seen a spike in whale transactions. This comes as the asset potentially approaches a major regulatory milestone, with the legal battle between Ripple and the Securities and Exchange Commission (SEC) nearing a conclusion. XRP price analysis XRP extended its losses at the time of writing, trading at $2.04, down nearly 2% over the past 24 hours. Over the past seven days, the asset has corrected by more than 7%. XRP seven-day price chart. Source: Finbold Sentiment around XRP remains bearish, supported by a Fear & Greed Index score of 37 (Fear). Technically, the price is trading below the 50-day simple moving average ( SMA ), indicating short-term downward momentum, though it remains above the 200-day SMA, suggesting long-term strength. The asset’s 14-day Relative Strength Index ( RSI ) is 49.40, indicating a neutral stance, while volatility is moderate at 7.74%, suggesting relatively stable but cautious trading conditions. Featured image via Shutterstock The post XRP network activity crashes 44%; Is $1 drop next? appeared first on Finbold .
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Coinbase Identifies Signs of Potential Crypto Winter Amid Economic Headwinds
A new crypto winter may be emerging, according to a recent report from Coinbase, as mounting structural and macroeconomic pressures begin to weigh heavily on the digital asset ecosystem. The total cryptocurrency market capitalization – excluding Bitcoin – has plunged to $950 billion, which reflects a 41% drop from its December 2024 peak of $1.6 trillion. This decline places current valuations even lower than levels seen throughout much of the August 2021 to April 2022 period, suggesting that investor sentiment has sharply deteriorated. Venture Capital Bailing on Crypto The report pointed to global economic headwinds, particularly the resurgence of tariffs and ongoing fiscal tightening, as key contributors to the market’s decline. These factors have amplified uncertainty and triggered a risk-off attitude across financial markets, which, in turn, has fresh capital inflows into crypto. Despite a modest quarter-over-quarter uptick in venture capital activity during Q1 2025, Coinbase observed that funding remains 50-60% below the heights of the 2021-22 bull cycle. This has especially hurt altcoin projects that rely on speculative inflows. Further adding to the bearish signals, both Bitcoin and the COIN50 index, which tracks the top 50 tokens by market cap, have broken below their respective 200-day moving averages (200DMA), often seen as a technical sign of a prolonged downtrend. As such, Coinbase’s global head of research, David Duong, believes that these converging indicators echo the onset of prior crypto winters and highlight the need for a “defensive stance.” While there is cautious optimism for stabilization in mid-to-late Q2 2025, the path to a broader recovery remains clouded by macroeconomic uncertainty and weak performance in traditional equity markets. “For now, the challenges of the current macro environment require greater caution.” ‘No Demand, No Rally’ Ecoinometrics highlighted similar concerns from an institutional perspective, pointing to weak demand and tightening financial conditions, and the Fed showing no signs of a pivot. This, as per the crypto data platform, is in no way a bullish backdrop. ETF flows reflect this, with persistent outflows since late March and only occasional, modest inflows. Net flows over the past 30 days hover around zero. As such, short-term upside remains limited. This fragile backdrop could leave Bitcoin’s price vulnerable if market volatility returns. The post Coinbase Identifies Signs of Potential Crypto Winter Amid Economic Headwinds appeared first on CryptoPotato . Finbold
Ethereum’s MVRV at 0.77 May Indicate Potential Buying Opportunity for Investors
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