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.
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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.
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