XRP sits 62% off its all-time high — and on-chain data isn't helping the bull case.

Trading near $1.38, <a class="ticker-mention" href="/en-US/token/xrp">XRP</a> is lodged inside a descending channel with key support at $1.20 and the psychologically loaded $1.00 level below that. RSI readings are weak, and volume has not confirmed any meaningful recovery attempt — conditions that historically signal sellers remain in control.

The on-chain picture compounds the concern. Daily active wallet addresses on the XRP Ledger have fallen 38% over the past twelve months, from 22,054 to just 13,684 as of late April. New wallet creation is slowing in parallel, and trading volumes on XRPL have compressed alongside adoption — a combination that has historically preceded XRP&#x27;s sharpest drawdowns.

Ripple&#x27;s institutional positioning and ongoing expansion efforts provide a longer-term floor argument, and some analysts project targets around $10 by 2030 under favorable conditions. Near-term, however, entering a descending channel with…