Despite Bullish Macro and Micro Factors, FOMO Remains Conspicuously Absent

Ripple [XRP] has been the talk of the town lately, yet the market appears to have missed the memo.

Ripple [XRP] has been a hot topic in crypto, but the market seems to have missed the memo. Despite a convergence of bullish macro and micro factors, FOMO is conspicuously absent. It’s almost as if all the key catalysts are in place, yet the market’s reaction is lagging.

As April drew to a close, XRP displayed a 11% monthly price increase. While this might seem noteworthy, it pales in comparison to the 70% gains clocked by Bitcoin [BTC] and Ethereum [ETH].

This lackluster performance might explain the minimal FOMO. However, there were other institutional and technical catalysts that spanned the past month. For instance, over 900 million XRP was added to institutional treasuries.

Moreover, Ripple hit two major ETF milestones: A spot XRP ETF debut in Brazil and a Futures XRP listing on Wall Street. Institutional interest? Check.

And just when you thought the news cycle was cooling off, Ripple’s native stablecoin, RLUSD, got the official nod from the U.S. Department of the Treasury. This puts it shoulder to shoulder with stablecoin heavyweights like USDC and USDT. Hence, marking a serious step forward in real-world utility.

Yet strangely, broader market excitement is still hitting the snooze button.

If you’re wondering why XRP still feels undervalued despite all the bullish buzz, the on-chain data might have the answer.

For starters, new address creation on the XRP Ledger has dropped off a cliff since December even though price action has climbed right back to the same levels. Translation? Retail interest isn’t exactly flooding in.

It gets even more telling: Daily active addresses have fallen 46% year-to-date, now sitting at just 21,282. That’s a pretty clear sign this rally is running more on seasoned hands than fresh faces.

And remember those massive Binance outflows that topped 1 billion XRP five months ago? They’ve dwindled to just 108 million, even lower than pre-election levels.

Source: CryptoQuant

In short, the cooling activity suggests investors are in a “wait-and-see” mode, despite the growing list of bullish catalysts.

Meanwhile, the speculation mill keeps spinning, with bold calls for XRP to reclaim the $3 mark in the near term.

But with FOMO nowhere in sight, the current vibe feels more like a slow burn than a breakout rally. It’s a classic crypto paradox: All the ingredients for a bull run are there, yet the crowd’s still not biting.