XRP Ledger Volume Plummets 90%, But Experts Downplay Concerns

XRP Ledger's payment volume has experienced a sharp contraction after an unusual spike in activity. Daily payments briefly exceeded 600 million XRP on August 7 before dropping to negligible levels by August 9, representing a decline of nearly 90% from the local peak.

This recent drop is significant because it reflects normalization from an abnormal peak rather than a structural decline in network usage. The volume would need to remain at low levels for a considerable amount of time to indicate a genuine problem with XRP Ledger's payment volumes.

The price of XRP continues to struggle, trading at $1.036 and below every significant moving average on the daily chart. Sellers are currently benefiting from this arrangement, which could drive the price lower without encountering immediate resistance.