XRP Payment Volume Plummets 90%, But Experts Say Not to Worry

XRP Ledger's payment volume plummeted by nearly 90% in just two days, but experts say this drop is not cause for concern. The sudden decline followed a brief spike in activity on August 7, when daily payments exceeded 600 million XRP.

However, rather than indicating a structural decline in network usage, the sharp contraction reflects normalization from an abnormal peak. According to analysts, the XRP Ledger would need to stay at low levels for a significant amount of time before concerns about network usage arise.

The price of XRP remains under pressure, with the coin trading at around $1.036 and below every significant moving average on the daily chart. The larger moving averages remain significantly higher, while short-term resistance is located between $1.075 and $1.087.

XRP has been reaching lower highs, but its most recent attempt to stabilize between $1.05 and $1.10 failed to generate sufficient momentum for a breakout. As a result, sellers can still drive XRP lower without immediately encountering technical resistance.