XRP On-Chain Volume Plunges 70%, Price Shows Brief Rally
XRP has seen a 70% collapse in daily on-chain volume, with only 428,982,336 XRP transacted over the past 24 hours, down from historical averages above one billion. Despite this slump, XRP’s price has climbed over 7% to $2.54 in the past day, hinting at a relief rally. Technical indicators show the RSI rising above 43, suggesting weakening selling pressure. Traders are eyeing the $2.60–$2.65 range as the next barrier, while the 200-day moving average near $2.85 represents a critical long-term test. However, muted network usage raises concerns over the sustainability of the recovery. Without a rebound in on-chain activity, XRP may face a renewed downtrend once initial momentum fades.
Bearish
The 70% drop in XRP’s on-chain volume signals weak network activity, undermining the recent price bounce. While the RSI and short-term gains offer a relief rally, key resistance levels at $2.60–$2.65 and the 200-day MA at $2.85 could repel buyers without improving real-world usage. Similar volume-driven crashes in altcoins often lead to renewed declines once relief rallies exhaust. Traders should brace for further downside pressure unless transaction volumes recover, indicating this event is bearish for both near-term momentum and long-term market confidence.