XRP Ledger Loses 90% of Volume, But This Drop Is Not Critical
XRP Ledger has recorded a sharp contraction in payment volume after another temporary burst of unusually high activity. Daily payment volume briefly exceeded 600 million XRP on August 7 before collapsing toward comparatively negligible levels by August 9. From the local peak, the decline approaches 90% and could initially look like a major deterioration in network usage. XRPs payment volumes are finally back Over the past month, XRP Ledgers payment volume has been incredibly erratic, with frequent short-lived spikes followed by returns to baseline activity. In August, there was yet another surge. XRP Ledgers volume hit roughly 614.9 million XRP. There was no consistent rise in payment activity as a result of either move. XRP/USDT Chart by TradingView This is significant because, rather than the disappearance of established transaction demand, the most recent 90% decline primarily reflects normalization from an abnormal peak. Before the move could plausibly point to a structural decline in network usage, XRP Ledger would need to stay at low levels for a significant amount of time. The price of XRP is still under pressure. The price chart paints a worse picture. XRP is trading at about $1.036 and is below every significant moving average displayed on the daily chart. The larger