The XRP Ledger is showing fresh signs of strain as its daily payment volume has plunged to just 312.8 million XRP, a drop of over 70% from levels seen earlier this month. Total transactions processed in the past 24 hours stand at roughly 438,000. While neither figure is an all-time low, the sharp contraction points to a persistent decline in actual network usage, which traditionally reflects real account transfers rather than speculative trading.
Activity and price stagnation
Payment activity on the XRP Ledger had exceeded 1 billion XRP earlier this month, suggesting a pickup in network engagement. That momentum has now evaporated, leaving the ledger's core function — settling payments — at a reduced capacity. The downturn in on-chain activity comes as XRP's price remains stuck below key moving averages, reinforcing a bearish technical setup.
The asset is currently trading near $1.10, with immediate resistance at the 26-day exponential moving average around $1.11. Above that, the 50-day EMA sits at about $1.14, while the 100-day and 200-day moving averages are significantly higher at roughly $1.25 and $1.46, respectively. This positioning confirms that XRP remains in a well-established downtrend, with each recovery attempt failing to break through higher resistance zones.
Bulls face uphill battle
The most recent bounce from June lows created some optimism, and the relative strength index has recovered from oversold territory to near 49, indicating that selling pressure has eased. However, the indicator remains below the bullish threshold and does not yet signal a trend reversal. Trading volume is also muted compared with periods that previously fueled major XRP rallies.
For XRP bulls, the immediate task is to reclaim the 50-day EMA and push toward the $1.25 resistance zone. Without a significant recovery in payment flows and a pickup in network activity, the XRP Ledger risks appearing increasingly detached from the adoption narrative that many investors have relied on. For now, declining transaction activity means the ledger's core usage remains under pressure, leaving XRP with little fundamental support as it tries to hold above the psychologically important $1 level.