XRP has been trading in a tight range around $1.10 for weeks, with on-chain data showing a sharp decline in network activity. New wallet creation fell to its lowest in nearly two years, and daily active addresses hit the second-lowest level of the year. Analysts are split on whether this quiet period signals a deeper correction or a prelude to a breakout.
On-Chain Activity Hits a Lull
Data from Santiment Intelligence reveals that XRP Ledger activity has gone "unusually quiet" in recent weeks. On one day, the network recorded only 25,350 active wallets, the second-lowest figure of 2026. New wallet creation dropped to 2,130, the lowest in almost two years. Santiment noted that after a burst of dip-buying excitement in late June, traders appear to be waiting for a real catalyst rather than chasing small bounces.
Despite the slowdown, Santiment remains optimistic about XRP's ecosystem. The firm pointed to several potential sparks beyond price, including the growth of the RLUSD stablecoin, tokenized-asset activity, and institutional payment use cases. Combined with possible lending tools, these factors could bring users back on-chain if momentum improves.
Analyst Sees Key Accumulation Zone
Popular analyst EGRAG CRYPTO highlighted that XRP is currently trading inside a historically important accumulation band between $0.85 and $1.20. This zone has acted as macro support in previous cycles. EGRAG believes a dip to $0.85 is possible, which would mark a new multi-year low, but expects the token to bounce and keep the broader bottoming structure intact.
On the upside, the first major resistance is at $1.65. If broken, EGRAG sees a path toward $3.00-$3.50, with a long-term target of $15 described as the "full cycle expansion target." However, such a move appears far-fetched given current market conditions.
Broader Market Context
XRP's stagnation comes amid a broader crypto market that has seen Bitcoin hold above $64,000 and Ethereum ETFs attract inflows. The token's failure to break out of the $1.05-$1.15 range has left traders cautious, with many awaiting a clear catalyst. The upcoming developments in Ripple's legal battle with the SEC and potential adoption of XRP for cross-border payments remain key factors to watch.