XRP has traded on the positive side of the market, with the altcoin changing hands at roughly $1.13. It has continued to struggle overall, as data showed that the price moved just 0.87% over the past 30 days while sliding 20% on a 90-day basis.
Taking it a pinch narrower, a massive wave of whale selling pressure has largely driven that performance – to weigh XRP down. In the short term, on-chain activity is picking up and could emerge as a key catalyst that lifts trader sentiment around the cryptocurrency.
On-chain activity sparks XRP interest
The XRP Ledger’s Transaction Count surpassed 1.1 million in the latest Artemis reading.
Rising activity suggested greater network usage. DeFiLlama data also showed daily decentralized exchange volume reaching $6.8 million. The network last recorded a similar level on the 28th of June.
A surge in the Stablecoin Supply adds to that outlook. Data from the 22nd of July showed total supply hit a new all-time high of roughly $995.34 million, a few million shy of the $1 billion mark.
Such supply shifts often reflect demand from traders and users moving capital into on-chain protocols linked to XRPL, or into other related activity. These changes shape how XRP functions as the settlement token behind most transactions, which could feed its demand, this time to the upside.
XRPL TVL on the rise
Total Value Locked (TVL) has climbed as well, though the increment remains relatively modest.
For context, TVL measures the capital deposited into protocols to earn APR over time on the locked funds. In XRPL’s case, the surge accounts for $2.33 million, pushing TVL to a high of $34.18 million, according to DeFiLlama.
While on-chain activity runs hot and capital keeps flowing in, the main concern stems from the fees the chain generated over the past day.
Reports show the chain fee totaled just $322 in the last 24 hours, against application fees of $27,502, per chart data. That gap holds despite 38,837 Active Addresses, which remains a decent count.
Notably, the figure holds up against Bitcoin, which has over 612,000 Active Addresses yet returned just $6,952 in application fees.
Whale selling pressure plummets
This comes as whale selling pressure has eased sharply. A recent AMBCrypto report shows whale inflows of XRP into Binance—a major crypto exchange venue—fell heavily, dropping from a high of 1.445 billion XRP to 947.4 million XRP.
That marked the lowest reading in roughly two months. A falling inflow signals fewer assets moving from private wallets onto exchanges to be sold.
The report added that while an optimistic outlook remains for XRP rallying toward targets of $1.30 and $1.50, the asset could still hold within the $1 level as it consolidates further.
Final Summary
- XRP transaction counts have pushed past 1.1 million and XRPL stablecoin supply has climbed toward $1 billion, signalling renewed on-chain demand.
- Whale inflows of XRP into Binance have fallen from 1.445 billion to 947.4 million XRP—the lowest in about two months—easing the selling pressure that has weighed on price and leaving room for a move toward $1.30 and $1.50.
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