Activity on the XRP Ledger, the decentralized blockchain known for facilitating fast and inexpensive cross-border payments, experienced a sharp downturn as payment volume, which tracks XRP transfers between accounts, dropped to 119.5 million XRP on October 17. This figure represents a 72.3% decline compared to the previous day and marks one of the lowest daily readings on record, far below the 30-day average of 629.3 million XRP. For perspective, the all-time high in daily payments reached 7 billion XRP.
Payment volumes and volatility
Data for October 18 continues to show weakness, with payment volumes near 37.5 million XRP so far—down another 68.6%. This number may rise before day’s end, but remains far below typical activity levels. Historically, daily volume on the XRP Ledger ranged between 300 million and 1 billion XRP over the past year, with occasional spikes up to 2.5 billion in November and February. Daily figures below 100 million are considered rare events.
One or two quiet sessions do not confirm a broader trend, as payment flows often fluctuate significantly and weekends tend to deliver lower volumes. Notably, both of the recent sharp declines occurred on a Friday and Saturday.
Despite the drop, historical patterns suggest brief periods of low activity, especially on weekends, are possible. However, the current decline comes at a time when price action is also weakening, amplifying concern among traders.
Mini dictionary: XRP Ledger, a decentralized, public blockchain created to settle payments using XRP, known for its rapid settlement times and low fees.
Market indicators point to mounting pressure
The declining payment volumes align with ongoing price softness in XRP. The token now trades close to $1.30 after falling from a September peak near $1.66. In recent sessions, XRP has dropped below its 50, 100, and 200-day moving averages, each of which range from $1.34 to $1.38. These moving averages now serve as technical resistance levels, making it harder for the price to rebound.
Momentum has weakened, as indicated by the Relative Strength Index (RSI) at approximately 40. This suggests subdued buyer interest, but not yet an oversold setup. In addition, trading volume in the spot market has faded since an uptick observed in August.
| Date/Metric | Payment Volume (XRP) | Price | 30-Day Avg | Moving Averages |
|---|---|---|---|---|
| Oct 17 | 119.5 million | $1.30 | 629.3 million | $1.34-$1.38 |
| Oct 18 (so far) | 37.5 million | – | – | – |
| All-Time High | 7 billion | – | – | – |
Support and resistance levels in focus
Immediate support sits in the $1.25 to $1.27 range, a zone where buyers intervened during mid-September and again this week. If XRP closes below this level, technical charts indicate the next downside target at $1.15, followed by a stronger floor near $1.00 set in August.
For bullish traders, the first hurdle is a move back above the $1.34 to $1.38 band. Without regaining these levels, any rebounds are likely to stall, reinforcing the challenge for positive momentum.
Fewer XRP tokens are circulating on the ledger, and with prices below major moving averages, the risk of a further breakdown increases if activity does not recover. A revival of payment volume toward the 500 million level would help reverse sentiment. Otherwise, sustained weakness could drive the price below critical support.
If ledger activity remains muted while XRP hovers under its moving averages, analysts note an elevated risk that the token could breach the $1.25 support area and face further selling pressure.
