XRP Ledger Sees 90% Payment Volume Drop After Brief Spike

XRP Ledger's payment volume has experienced a significant drop of around 90% after reaching an unusually high level. The daily payment volume briefly exceeded 614.9 million XRP on August 7 but declined to low levels by August 9.

This decline may seem alarming, but it is likely due to normalization from an abnormal peak rather than a structural decline in network usage. The XRP Ledger would need to stay at low levels for a significant amount of time before such a conclusion could be drawn.

The price of XRP is under pressure, trading at around $1.036, which is below every significant moving average on the daily chart. Sellers continue to benefit from this arrangement, and the primary threshold is currently $1.00.