XRP network activity nosedives as payments collapse by 70%

Network activity on the XRP Ledger experienced a severe contraction on Thursday, June 26, plunging to its lowest level since June 8. According to data reviewed by Finbold on XRPScan , the total daily payment transactions between accounts dropped sharply from around 1.4 million on Wednesday to just 590,072 as of publication, representing a dramatic pullback in transactional activity. XRP network activity payments. Source: XRPScan This drop-off in network usage is not an isolated metric. XRP also saw the lowest number of new accounts activated since October 26, 2024, falling to just 1,474 activations, a significant milestone, given that daily activations hadn’t dipped below 2,000 since November of the prior year. XRP payment activity Of particular concern to analysts is the stark decline in XRP payment activity, arguably the strongest indicator of genuine user engagement and utility on the network. Just days ago, daily payments on the XRP Ledger hovered near 2.5 million, but as of June 25, that number cratered by approximately 70% to 741,501. Such a pronounced downturn in network fundamentals often signals broader underlying issues: reduced transactional utility, waning retail and institutional interest, and weak market demand. Indeed, these worrying on-chain developments have coincided with deteriorating trading conditions for XRP. At press time, XRP was trading at $2.16, marking a daily decline of 1.13%. Trading volume for the token also weakened to $2.6 billion, down nearly 3.85% over the last 24 hours, underscoring thinning market liquidity and diminished buying interest. Meanwhile, XRP’s fully diluted valuation currently stands at roughly $216.52 billion, reflecting a cautious outlook among traders. Sustained rebound in XRP’s price will likely require renewed on-chain activity and stronger user engagement, both of which remain conspicuously absent. Until then, XRP faces headwinds, with current metrics painting a cautious picture for short-term market expectations. The post XRP network activity nosedives as payments collapse by 70% appeared first on Finbold .

Source: Finbold