Payment volume between accounts dropped by more than 70% in a single day, causing XRP to experience one of its worst on-chain drops of 2025 right after the impressive surge. Data indicates that the network abruptly dried up after a huge spike above 2 billion XRP transactions with volumes plummeting to just 517 million XRP. Such a significant change begs the question of whether speculative flows have been sustaining recent momentum and whether demand can be sustained.
XRP not stabilizing
XRP is having difficulty stabilizing its price. The token is trading close to $2.80 on the daily chart after repeatedly failing to break back to the $3.00 level. Because of the descending triangle pattern’s breakdown, sellers now have firm control over XRP, making it vulnerable. Although the 100-day EMA at $2.77 is serving as support right now, pressure is increasing. XRP may decline toward the 200-day EMA at $2.51, the last significant barrier for bulls, if there is a clear break below this level.

The decline in payment volume strengthens the pessimistic assessment. One of XRP’s best use-case indicators is payment activity, and such a sharp decline indicates either short-term exhaustion or less institutional movement. Without steady high-volume trading, price recoveries run the risk of not having the underlying support to keep up their momentum. Important situations from this point on:
Two ways
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Bullish scenario: A recovery toward $3.00 is still feasible if XRP maintains $2.77 and volume levels out. The route to $3.10-$3.20 would become accessible if that were cleared.
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Bearish scenario: The critical level to watch is $2.50, and losing $2.77 would probably quicken the downward trend. A break there might validate a more severe bearish reversal.
As of right now, XRP is displaying cracks on the chart and on the chain. The 70% drop in volume highlights the waning demand, and if bulls don't intervene soon, XRP may be in for another excruciating leg lower. Whether this was merely a brief cooldown or the beginning of a more serious breakdown will be revealed in the days ahead.