XRP falls to 2024 low near $1 as XRP Ledger activity surges

XRP fell to $1.00 as of 06:15 UTC on Aug. 13, its lowest since November 2024, while XRP Ledger active addresses climbed to 35,700 daily.

On-chain data from Coinpedia shows active addresses averaged about 35,700 per day in August, up from roughly 26,400 in July, while new addresses held near 2,260 per day. The divergence suggests existing XRP users are trading more frequently rather than a wave of new users entering the network.

XRP closed near $1.00 on Aug. 12, leaving the token about 69 percent below its January 2025 peak near $3.30. The move pushed XRP through the $1.0138 support area, with the 50-day EMA at $1.0962 and the 200-day EMA at $1.3691, according to Finance Magnates.

A confirmed daily close below $1 would open downside targets near $0.6422 and $0.4279, according to Finance Magnates analysis. A recovery above $1.0138 would reduce immediate breakdown risk, while a sustained move above $1.3691 would provide the first structural reason to reconsider the bearish targets.

The decline came as Bitcoin fell 1.2 percent to around $64,200, its fourth failed attempt this year to hold above $65,000, according to Stocktwits. Ethereum dipped 2.2 percent to about $1,880, with retail sentiment on Stocktwits turning bearish from neutral over the past day.

The pullback has put renewed focus on Michael Saylor's Strategy selling its Bitcoin holdings and uncertainty around the Digital Asset Market Clarity Act. Senate Majority Leader John Thune filed cloture on the motion to proceed to the CLARITY Act early Saturday, putting the legislation on the Senate's floor schedule when lawmakers return from recess. Zach Pandl, head of research at Grayscale, said the chances of Senate approval this year now appear low given the realities of the Senate calendar and the November midterms.

The gap between XRP's price and network usage could set up a rebound if on-chain fundamentals persist. Standard Chartered's Geoffrey Kendrick previously projected XRP could reach $8 by the end of 2026 under assumptions including substantial ETF inflows, a scenario that would require a gain of roughly 696 percent from current levels. Retail sentiment around XRP remained bullish on Stocktwits over the past day, with chatter rising to high from normal levels, even as the token led declines among major cryptocurrencies.

This article is for informational purposes only and does not constitute investment advice.