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XRP is under pressure, down nearly 6% in the past 24 hours and teetering just above the $2 mark as bearish momentum builds. A $1.02 billion unlock from Ripple’s escrow has sparked fresh concerns about oversupply, with tokens moved to operational wallets possibly poised for distribution.
At the same time, network activity has collapsed 87% since mid-March and technical indicators like DMI and EMA lines suggest growing downside risk. With weakening trend strength and fading demand, XRP may struggle to hold key support levels unless a catalyst revives bullish sentiment.
Ripple Wallet Activity Sparks Fears
Onchain data shows that Ripple has unlocked 500 million XRP—worth around $1.02 billion—from its escrow account.
The tokens were moved from the “Ripple (27)” escrow address to two operational wallets, “Ripple (12)” and “Ripple (13),” potentially positioning them for distribution or sale.
While the escrow account still holds another 500 million XRP, the movement of such a large amount into accessible wallets often raises concerns about increased market supply. If Ripple sells a portion of these tokens, it could create short-term selling pressure on XRP’s price.
From a technical standpoint, XRP’s DMI chart is flashing bearish signals. The ADX, which measures trend strength, has sharply declined to 26.68 from 42.45 just two days ago, suggesting the recent trend is weakening.
Meanwhile, the +DI has dropped to 12.91, down from 22 yesterday—indicating a decline in bullish momentum. At the same time, the -DI has surged to 27.43 from 15.64, pointing to rising bearish pressure.
This shift in directional strength, combined with the large token unlock, suggests XRP may face further downside unless demand quickly absorbs the incoming supply.
XRP Network Activity Collapses 87%
XRP’s network activity surged to record highs in March, with 7-day active addresses reaching an all-time peak of 1.22 million on March 18.
However, that momentum quickly faded, with the number now plummeting to just 158,000—an 87% drop in less than three weeks.
This dramatic reversal suggests that the recent spike in engagement may have been short-lived or event-driven rather than indicative of sustained adoption or growing user demand.
Tracking 7-day active addresses is a key on-chain metric, offering insight into how frequently a token’s network is being used. High activity can signal strong user interest and utility, often aligning with price support or rallies.
On the other hand, sharp declines in active addresses—like what XRP is now experiencing—can signal waning demand, decreasing network usage, and potential selling pressure.
XRP Faces Strong Downtrend, But Eyes Rebound If Key Levels Break
XRP’s EMA structure clearly reflects a strong ongoing downtrend, with short-term moving averages positioned well below the long-term ones and a wide gap between them—signaling persistent bearish momentum.
Unless bulls step in soon, XRP price may be on track to test support around $1.90, a key level that has held in the past.
OpenAI, the parent company of ChatGPT, is building a new social media platform to compete with Elon Musk’s X. Sources close to the firm disclosed that the platform will focus on sharing ChatGPT-generated images. This move could spark fresh competition in the social media space.
The OpenAI Social Media App
As reported by The Verge, OpenAI has begun testing an early version of a social app. The prototype is built around a feed that allows users to share images created using ChatGPT’s image generation tool.
Per the update, the platform is still under development. However, insiders revealed that it is already functional to some degree. The company’s CEO, Sam Altman, has been discreetly gathering feedback from people outside the company.
Known to take on competitors, the firm has introduced different products this year. As reported by CoinGape, in response to DeepSeek, the AI firm launched ChatGPT Gov, a move designed to drive security and efficiency. The company hopes to build on this momentum.
While it remains unclear whether this new social platform will be a part of the ChatGPT app or a completely separate product, the aim is clear: to give people a space to share visually striking content powered by OpenAI’s technology.
The platform’s design supports easy sharing of creative posts, focusing on making content stand out. There is no official release date for now, and OpenAI has yet to comment on the development.
However, this direction fits a growing trend among tech companies using social platforms to collect fresh data that improves their systems. By launching its app, OpenAI would gain direct access to content and user interactions, much like its competitors.
Can It Match The Elon Musk Everything App, X?
OpenAI’s new project will likely find itself going head-to-head with Elon Musk’s X, formerly known as Twitter. Musk’s platform has grown into a space for real-time discussions, news, and user opinions. It also plays a key role in feeding data to Musk’s AI assistant, Grok.
Earlier this year, Musk made headlines with a $97.4 billion offer to buy OpenAI. At the time, Sam Altman declined the offer with a light jab, saying he could buy X for less.
The rivalry between the two tech leaders is no secret, and this social media move could intensify it. OpenAI now faces the task of creating a platform that captures users’ interest without mirroring X’s established format.
OpenAI Sees Confidence Boost With Ghibli Trend
It is important to say that OpenAI’s recent breakthrough with the Ghibli trend may be fueling confidence in this new direction.
After the release, social media was flooded with anime-style images made using ChatGPT. The buzz grew stronger when Elon Musk shared a Ghibli-themed post; igniting takes of a possible $2 retest for Dogecoin.
Interestingly, the product’s rise in popularity pushed ChatGPT to become the most downloaded app last month. This level of attention suggests that OpenAI already has what it takes to drive interest in its new platform.
Coinbase, the largest digital assets exchange in the United States, has revealed that residents across five states have missed out on more than $90 million in potential staking rewards since June 2023.
The exchange explained that the missed earnings stemmed from these states’ ongoing legal actions against the platform’s staking services.
Coinbase Pushes Back Against Outdated Staking Bans in US States
On April 25, Coinbase publicly urged California, New Jersey, Maryland, Wisconsin, and South Carolina to lift their restrictions against its staking services.
According to the exchange, removing these restrictions would align these states with the Securities and Exchange Commission (SEC). Notably, several other states have already abandoned similar efforts.
Coinbase argues that the holdout states have imposed outdated and misdirected bans. The company stresses that regulators originally designed cease-and-desist orders to combat scams, not legitimate financial services like staking.
Considering this, the firm warned that the financial impact on residents will continue to grow unless the restrictions are lifted soon.
“The holdouts actively harm their consumers by barring their access to safe wealth generation tools like staking. They’ve cost these Americans tens of millions of dollars in potential earnings – and counting,” Coinbase’s chief legal officer Paul Grewal said on X.
Beyond lost earnings, Coinbase believes these state-level actions harm consumers by limiting their choices.
The exchange warned that residents might be forced to seek staking options through less secure, lightly regulated platforms. This shift could expose users to higher risks without the protections offered by licensed and established exchanges.
“By singling out Coinbase, these holdout states are arbitrarily picking winners and losers. That’s the job of consumers, not state bureaucrats. Their actions not only deprive consumers of competition and choice, but also push them towards potentially less regulated (or unregulated) staking platforms,” Coinbase stressed
Coinbase also raised concerns about the wider effects on the crypto industry. The ongoing bans, it said, add to the regulatory uncertainty that continues to cloud the US digital asset market.
“Against this backdrop, continued litigation by the holdout states is more indefensible than ever. These lawsuits don’t protect consumers – they confuse them and expose them to greater risk,” Coinbase stated.
The firm emphasized that dropping the staking restrictions would benefit residents and promote safer innovation. It added that this move would help create a stronger, more competitive crypto economy in the United States.
