📈 XRP has decoupled from the altcoin pack, surging another +14% and breaching the $2.50 resistance for the first time in 12 days. Wallets with at least 1M $XRP now hold 46.4B coins, as they have accumulated 6.5% more in just the past 2 months alone. Address activity has also exploded in the month of March, seeing approximately 6x more unique wallets interacting on the network in March compared to earlier months.

It goes without saying that this price boost is also directly correlated with the SEC officially dropping its appeal against Ripple today. Ripple CEO Brad Garlinghouse has already deemed this a 'resounding victory' for the entire crypto community. 👍

📺 Our latest video with Thinking Crypto takes a look at some of the rebounds in crypto, and whether they have some staying power this time around. We also deep dive on metrics for Bitcoin, Ethereum, XRP, and Solana.

📊 Crypto-wide trading volume has been dropping since its peak back on February 27th (when traders were optimistically buying dipping prices). After further market cap declines these past two weeks, trader behavior indicates a mix of exhaustion, hopelessness, and capitulation.

When trading volume for major cryptocurrencies consistently drops, even during slight price recoveries (like we have seen Wednesday), it typically points toward diminishing trader enthusiasm. In this scenario, traders are becoming cautious, suggesting they might not believe that the current upward price movements will last. Essentially, reduced trading activity reflects uncertainty, as fewer traders are convinced that buying at current levels will yield profitable outcomes.

Moreover, a weakening trading volume amid mild price bounces can serve as an early warning sign of weakening market momentum. Without robust buying participation, price gains can quickly lose steam, as there simply isn’t enough underlying support to sustain the upward trend. This leads to the possibility that any rebound could be temporary, with prices vulnerable to another downturn. Shrinking volume during minor rebounds isn't necessarily a direct bearish signal, but volume is a metric that measures participation from both retail and institutional traders. If both groups are waiting for the other to boost market caps in order to make their next moves, it can lead to price stagnancy with little movement (and a slight tendency to veer toward the downside).

To signal a healthier and more sustainable recovery, bulls generally will want to see both rising prices and rising volumes simultaneously. Until trading activity increases meaningfully, cautious market sentiment is likely to dominate.

😒 With crypto's slide and Bitcoin's fall down to $86K today, the community's sentiment levels are essentially at rock-bottom.

🪙 Bitcoin $BTC: Extreme crowd bearishness

🪙 Ethereum $ETH: Extreme crowd bearishness

🪙 XRP $XRP: Extreme crowd bearishness

🪙 Solana $SOL: Extreme crowd bearishness

Historically, when notably high FUD and trader capitulation begins to trickle in at these levels, the cryptocurrency bottom is near.

🐳 Despite flat crypto market conditions, XRP Ledger's market cap is +6% on the day and in the minority as a positive gainer over the past week (+9%). Since November 11, 2024, $XRP's price vs. $BTC is +297%. There are 261 more 100K+ XRP wallets than 10 weeks ago, a strong sign of confidence from key stakeholders.

Monitor here how these numbers fluctuate as 2025 progresses.

📊 Even with cryptocurrencies like Ethereum and XRP continuing to see their networks grow with more and more wallets, the same is not true for Bitcoin. Crypto's top cap has 277.24 LESS non-empty wallets than it did 3 weeks ago. The decline appears to be primarily due to small traders dropping out of the markets due to fear of further crypto-wide price drops.

Historically, these declines in retail belief are a positive sign for mid to long term price performances. When coins are shed by small traders, whales and sharks accumulate them and use their capital to drive up markets when crowd FUD is at its highest. 👍

📺 How has on-chain network and social activity been looking for Bitcoin, XRP, and Solana as prices ebb and flow within crypto's ranging pattern? We catch up with Thinking Crypto in our latest video and dive into the charts!

📊 In terms of cryptocurrency discussions on X, Reddit, Telegram, 4Chan, Bitcointalk, and Farcaster, Bitcoin (in teal) is leading the way as usual. Cardano (in pink) is seeing a massive rise compared to usual, while Ethereum (red) and Dogecoin (orange) are nearly non-existent.