The dramatic 90% decline in XRP payment volume is one of the most prominent warning signs that account-to-account transactions have sharply decreased, indicating a decline in user engagement and network utility.
At the same time that XRP is having trouble on the price charts, there is an on-chain collapse. XRP has once again fallen below this psychological level after momentarily rising above $2 and it is currently trading at about $1.17. When the price action is unable to maintain the momentum required to break out of the downward price channel that has dominated the asset's trend since late 2024, it is evidently weak.
XRP/USDT Chart by TradingView
Low on-chain activity and the rejection at the $2.20-$2.30 resistance band give bearish concerns more credence. Traders may not have been confident enough to pursue the rally, as evidenced by the rebound volume but lack of follow-through. At $1.95 the black 200-day moving average, which has served as both support and resistance in recent sessions, is currently being tested by XRP once more.
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It is especially alarming that the volume of payments has decreased by almost 90%. This kind of drop in user activity has historically preceded or coincided with price declines, particularly in assets with already precarious technical setups. Maintaining investor confidence, let alone attracting new capital, becomes more challenging for XRP as its utility declines and its number of active participants declines.
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If buyers intervene, XRP may consolidate and get ready for a more steady upward move. XRP still has strong historical support at $1.80. To overcome the bearish bias, however, XRP would have to convincingly recover $2.20 and exit the descending channel, with robust fundamentals and high volume. In conclusion, XRP finds itself at a turning point. In the absence of swift action from bulls to regain control and restore momentum, the decline in user activity and poor price performance may portend further declines.
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