XRP's network just turned into a digital ghost town, with active addresses collapsing by 50% from 202,250 to a measly 101,169 since December.

Meanwhile, XRP's price is bleeding out with a brutal 24% nosedive in just the past week.

Despite the potential ETF, the on-chain situation is looking rough for everyone’s favorite coin to hate. 

The Empty Streets

What happened to all those XRP believers and diehards?

Glassnode data shows daily active addresses have literally halved since early December when prices were flying high at $2.72.

Between February 25 and March 5, we've watched user numbers crumble to 101,169 as the price slid to $2.33.

Not the worse selloff in the market, but not the best performance either. 

But this isn't about price – it's about people basically abandoning ship when it comes to actually using XRP for anything but HODLing.

Price Pain Points

However… maybe price is a drive after all.

XRP is now trading at $1.99, meaning it's officially lost its $2 psychological support – that's more than 20% of its value gone in a single week, with market cap shrinking to $115.66 billion.

Still huge, but that drop in active users is no doubt turning heads and raising eyebrows, and not in a goo dway. 

The token keeps failing to hold the $2.20 resistance level, forming a textbook descending channel that has traders sweating.

And now it's approaching what chart watchers call the "green box" support at $1.95 – lose that, and things could get ugly fast.

Technical Red Flags

The RSI is flashing a screaming 23.16 on the 4-hour chart, which is deep into oversold territory, but don't think that means an instant rebound is coming.

During strong downtrends like this, "oversold" can just be a pit stop on the way to "completely rekt,” where the price may sit for a while before bouncing back. 

If these sellers keep piling on, we might see XRP testing $1.80 before any meaningful bounce happens.

The Bigger Picture

Could this be the beginning of a prolonged XRP winter rather than just a correction?

On-chain activity and price tend to dance together – fewer users means less demand, and that's a recipe for further drops.

The fact that January's spike in activity couldn't hold suggests the community might be losing faith in XRP's long-term prospects.

But this is far from the end for XRP – the network has survived much worse, and puttign this into context, the future is brighter than ever, even if there’s more short-term pain in the near future. 

Making Big Ripples 

Just remember that XRP needs to climb back above $2.10 before any serious bullish case can be made.

Network activity needs to stabilize and then grow if there's any hope for sustainable price recovery.

For now, the smart money is watching from the sidelines until XRP can prove it hasn't lost its mojo for good.