XRP Price Crashes Below $2 Despite Record 6.26M Wallet Holders

Key Insights

• Wallet holders surged by 18K in a week, setting a new record, can it aid price action growth?
• Futures trading tops $21.6B, showing rising interest despite price drop.
• Bulls eye $2.00 reclaim as XRP breaks below key support.

Futures volume hit $21.6 billion, while XRP price has a record 6.26 million wallet holders. Despite this strong network growth and trader interest, the price has fallen below the $2.00 level, which is a decisive support zone for a clear breakout.

Wallet Growth Reaches Record Highs

Currently, the XRP network has reached a new milestone. There are over 6.25 million addresses that hold at least 1 XRP. This is an all-time high for the network, according to data from Glassnode.

The number of these addresses increased steadily from 6.227 million to 6.255 million from March 29 to April 7. This indicates that even though XRP’s price has gone down during the same period, more users are entering the network.

During the period between April 1 and April 7, XRP’s price went down from over $2.00 to $1.90, while the number of addresses increased by around 18,000.

This implies that interest and adoption are growing. It could also be an accumulation during the dip, as more holders seem to be coming or re-entering the market at lower prices.

Futures Trading Sees Large Monthly Surge

Along with a rise in the number of wallet addresses, XRP futures trading volume has also shot up. Futures volume across all exchanges hit $21.62 billion on April 7, 2025. This is the highest volume for the month ever recorded in the past 30 days.

XRP price has been falling since early March, however, when XRP was trading above $2.0, trading activity was on the rise in April. On most days in late March, the futures volume was below $10 billion.

However, it has more than doubled in early April. Futures trading spikes, is often bullish and bearish speculation. This implies that traders are expecting big price movements, either up or down.

XRP Price Drops Below Key Support Level

Conversely, technical charts indicate that XRP has fallen below a key price level. At the time of writing, the price has dropped under the psychological support of $2.00 and hit a low of $1.606. According to analyst Stephiscrypto: “XRP needs to break back above $2.00 to confirm a bullish reversal.”

The price level has been a strong support since late 2024. XRP tested this zone several times during the December to March period but held above it. With it broken below, it may be a sign of weakening momentum in the short term.

However, some analysts continue to focus on long-term trends. Steph_iscrypto also tweeted another chart that could indicate an incoming reversal.

The analyst shared that using historical price momentum indicators, he said, “Easy money!” during previous low points before major rallies. This could be a sign of a potential recovery if XRP can find some support soon.

Macro Concerns and Legal Uncertainty Add Pressure on XRP Price

Additionally, macro and legal factors are also at play outside of technical and on-chain data. Polymarket’s new chart shows the chance of a U.S. recession in 2025 has shot up.

The odds of a recession this year rose to 65% as of April 9 from under 30% at the beginning of March. This is an indication of growing economic uncertainty and can have an impact on investor behaviour across markets.

In the meantime, the ongoing Ripple vs. SEC legal battle is progressing. The SEC has opposed Ripple’s emergency request to submit new evidence, according to a recent court filing.

For a long time, this legal case has been a major factor in XRP’s price movements. The SEC’s response adds to the tension, and traders may be responding to the uncertainty.

The growing number of holders and rising trading volume indicate that the interest in the token has not faded. At the moment, the $2.00 price level is a key area to watch for both traders and long-term holders to decide what to do next.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.