While a few cryptocurrencies in the market are trying to recover from the losses, others are sliding off the charts faster than sand is seeping out of your hand and XRP is unfortunately one of them.

XRP takes a hit

XRP, one of the biggest losers of the last 24 hours, is down 16.76% in the last 24 hours. This adds to the bearishness of the day before, on May 9, when XRP fell 14%.

XRP Price Promotion | Source: TradingView – AMBCrypto

Trading at $0.4343 XRP is currently at its lowest level since March 2021, putting the altcoin more than 80% below its all-time high of May 2021.

But even with such a massive drop, XRP investors are in a much better position than LUNA holders, who have lost over 99% of their investment in 48 hours.

Once worth $119, LUNA is worth less than $1 today, at $0.27 at the time of writing.

Unlike LUNA holders, however, XRP investors have been cautious since the beginning of the year, which is why the network is seeing a consistent decline in the number of active users on-chain on a daily basis.

From the peak of 243.8k, XRP has noticed less than 100k users regularly active in the chain in the past week, up from a peak of 102k yesterday.

XRP active addresses | Source: Coinmetrics – AMBCrypto

As a result, on-chain transactions have also fallen from nearly 2 million at one point to just 1.3 million at the time of writing.

XRP transactions on-chain | Source: Coinmetrics – AMBCrypto

However, this caution doesn’t make things better for XRP holders, as those who have been loyal to their stock of XRP for over a year now have a loss of 63.34%.

Such horrendous returns leave investors with no incentive to hold onto their XRP, especially given the current state of the market.

XRP Return on Investment | Source: Coinmetrics – AMBCrypto

As it is, XRP’s market value has already plunged below 1.0 to stand at 0.892. Despite being the sixth largest cryptocurrency in the world, today XRP’s market value is lower than Chainlink’s (1.12)

XRP Market Value | Source: Coinmetrics – AMBCrypto



This post XRP drops to a 13-month low as it loses value to Chainlink, here’s the following:

was published first on https://ambcrypto.com/xrp-falls-to-a-13-month-low-as-it-loses-value-to-chainlink-heres-whats-next/

Author

Write A Comment