The XRP Ledger shows signs of diminished network activity and bearish investor sentiment, characterized by significant declines in both burn rate and payment volume.
XRP’s burn rate experienced a sharp decrease of 25.96% over the past day, highlighted by transaction fees falling from 2,442 XRP to 1,808 XRP. This reduction correlates with a drop in payment volume, which plummeted to 727,329 transactions, marking a two-month low.
Simultaneously, XRP’s price retraced from an intraday high of $3.1028, declining 2.78% over the last day to trade around $2.97. This price action reflects broader market uncertainty impacting investor behavior.
Despite the current negative indicators, analysts suggest a potential price recovery exists. Maintaining momentum above the critical $3.10 level is seen as key. Should bullish sentiment reassert, a breakout above the $3.55–$3.65 price zone could be achievable.
The potential launch of a spot XRP exchange-traded fund (ETF) remains a significant potential catalyst for reviving both network activity and price dynamics in the future.