XRP Ledger Payment Volume Spikes Then Plunges 90%

XRP Ledger's daily payment volume saw an unusual surge on August 1st, reaching above one billion XRP. However, this spike was short-lived as it dropped by about 90% the next day, highlighting erratic network activity.

The sudden increase in payments is believed to have resulted from a one-time event such as institutional transfers rather than sustained demand. This volatility in network activity makes it unlikely for the broader decline of XRP's price to be reversed.

XRP's price remains under pressure, trading around $1.07 and below key moving averages, indicating a bearish trend.