- XRP lost 18% in value over the last 7 days and nearly 29% throughout February during the bearish market
- XRP is currently trading at $2.19 with a daily trading volume averaging around $5 billion and a market cap of $127 billion
- Investor activity in the XRP network dropped by 50% since December, but XRP is still up 372% in value since November 2, 2024
Ripple’s altcoin XRP stood at a loss on February 27, with the asset going down in value by 0.95% over the last 24 hours. The weekly and monthly timeframes reveal an also not-so-optimistic outlook. Over the last 7 days, XRP lost over 18% in value, and nearly 29% throughout February.
According to CoinMarketCap — $XRP is currently trading at $2.19, with a daily trading volume averaging around $5 billion. Its market capitalization is currently at $127 billion — down by almost $50 billion since January 31st.
While XRP’s dip in February has been very significant, the margin of said fall can be seen as even more disappointing. During this week’s bearish market, XRP has underperformed against Bitcoin, Ethereum, and BNB — trading around the same level as Dogecoin and Cardano.
However, this performance can be attributed to the high gains the currency experienced during the three months prior. After a 640% rally from November til January — the fact that the currency is more volatile than other established assets is expected.
XRP Activity Drops 50%
A recent analysis from social media cryptocurrency analyst Ali Martinez reviews how investor activity in the XRP network has dropped significantly since December.
On December 2nd, the network registered 203,250 active addresses. Fast forward to today, only 101,169 addresses are active in the blockchain.
Once again, this drop in activity and volume is expected due to the natural ebb and flow of the market. After all, the cryptocurrency market is cyclical, and periods of decline are often followed by recovery movements.
XRP is still up by a whopping 372% in value since November 2, 2024. Moreover, if buyers are able to cement the “floor value” of the currency around the $1.90–$2.00 margin, it could create a solid support level for a potential rebound and renewed upward momentum in the near future.
Fortunately, we have daily XRP price predictions around here. Also, if you’re looking for a place to trade XRP or any other currency, check out our partner Blofin.
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