XRP Ledger Sees Abrupt 90% Drop in Daily Payment Volume
On August 1st, the daily payment volume on the XRP Ledger briefly surpassed one billion XRP, only to plummet by about 90% the following day.
This sudden reversal has raised questions about the demand for the XRP Ledger. While it's possible that fewer people are using the network, this decline may simply be a result of an isolated event.
The data from XRPL shows frequent spikes and dips in activity, which often indicate significant institutional transfers or exchange-related activity rather than long-term organic demand.
XRP is currently trading at around $1.07, with its 50-day EMA acting as resistance at $1.10. The asset has fallen below its 26-day exponential moving average and remains below its 100-day and 200-day moving averages, indicating a bearish trend.