XRP has experienced a 12% price drop over the past week, yet it has outperformed Ethereum, which saw a 14% decline. Despite the downturn, the XRP Ledger (XRPL) has recorded the creation of 21,595 new wallets since November began, marking the highest increase since February. On-chain activity has surged, with a 44% rise in the 7-day stablecoin market cap to $307 million, according to Santiment data. However, the Total Value Locked (TVL) on XRPL has decreased by 6% to $76 million, reflecting weak long-term investor commitment. While funding rates indicate a bullish sentiment, there is a risk of crowded long positions, suggesting potential volatility ahead.