XRP is currently trading around $2.08, showing resilience despite an 18.3% decline over the past month. This reflects a broader softness in the cryptocurrency market, a notable drop from previous highs.
According to analysis, XRP Ledger activity has significantly decreased since December, with active addresses down by approximately 80%. Additionally, open interest in the futures market has fallen roughly 70% from its peak. Despite these declines in activity, XRP's price has only decreased by about 35% from its peak.
Lower exchange reserves, reaching levels last seen in July 2023, suggest there are fewer tokens available for sale, potentially supporting the price. In related news, HashKey Capital has launched the HashKey XRP Tracker Fund in Asia, with Ripple as an anchor investor. This fund aims to attract institutional capital and may transition into an ETF in the future, further broadening access to XRP investments.