The price recovery for XRP, a cryptocurrency, is facing a significant obstacle as new data reveals a large outflow of 730 million XRP from the network's payment volume. This drop in transactional activity raises concerns about investor confidence and the asset's ability to sustain its upward trajectory. XRP has struggled to maintain its upward trend, even with attempts to surpass resistance levels and a recovery in the wider market. The decline in on-chain payments is particularly worrisome, indicating decreased utility and adoption. The lack of user engagement and capital flows within the ecosystem may pose additional downside risk for XRP. The asset needs to regain important resistance levels to regain its bullish momentum, but if it fails to hold above $2.30, further drops may occur. Market participants will closely monitor on-chain metrics to determine if XRP can recover or continue its downward trajectory.



Other News from Today