XRP Transactions Plummet 44% in Five Days as Network Activity Slows

The XRP Ledger has experienced a significant decline in transactions over the past five days. According to CryptoQuant, the number of transactions fell from 2.81 million on August 5 to 1.57 million as of August 9, representing a drop of about 44.1%.

This slowdown follows a brief surge in activity that pushed transaction counts to a weekly high on August 5. During this period, XRP's price declined from around $1.06 to $1.02.

XRP remains heavily reliant on broader market sentiment to maintain its position above the $1 support zone. Analyst Ali Martinez noted that investors should closely monitor the $1.06 resistance level, citing Glassnode's UTXO Realized Price Distribution (URPD) data showing nearly 3 billion XRP last moved around this price.