The crypto market is showing mixed price action, and XRP has suddenly flipped negative, fueling a downturn in its on-chain activity.
While momentum appears to be weak, XRP has seen a notable decline in its payment volume on XRP Ledger, sparking concerns among investors.
XRP payment volume drops to 86 million
Data from XRPSCAN shows that the XRP on-chain payment volume has plunged significantly by about 77% over the last 24 hours.
The metric saw XRP only record about 86 million payments from one account to another on XRP Ledger as of Saturday, April 11.
The decrease marks the lowest level the XRP payment volume has reached in the last seven days, signaling fading momentum as XRP continues to trade below $1.35.
Considering its weak price move, the plunge in the XRP payment volume has attracted the attention of market watchers, as network weaknesses like this could be flashing a bearish price signal.
XRP halts rally
The 77% decline in the XRP payment volume is more concerning as it has been accompanied by a sudden switch in investors' sentiment, which saw XRP’s price turn flat in mere minutes.
Earlier today, XRP was trading in the green territory with a decent price increase around 1%. However, it appears to have suspended its recovery attempt, nearly flipping back to the downside with a flat price move of 0.1% over the last 24 hours.
As XRP shows no promising price move, the declined payment volume has further sparked fear among investors, suggesting that another volatility session might be imminent.
Dan Burgin
U.Today Editorial Team
