XRP Ledger Payment Volume Drops 72% as Token Trades Below Key Moving Averages
Daily payment activity on the XRP Ledger experienced a severe slowdown on October 17, with total volume falling 72.3% in a single day to 119.5 million XRP (XRP). The sharp drop leaves activity significantly below the 30-day average of 629.3 million XRP and well under the typical daily range of 300 million to 1 billion XRP seen over the past year. Partial figures for October 18 showed continued weakness at approximately 37.5 million XRP.
The reduction in network volume coincides with ongoing price weakness for XRP, which recently traded at $1.27 after reaching a peak near $1.66 in September. The cryptocurrency has slipped below its 50-day, 100-day, and 200-day moving averages, which now range between $1.34 and $1.38 and serve as overhead technical resistance. Meanwhile, the token's Relative Strength Index sits near 40, reflecting weak buying momentum without reaching oversold territory.
Market participants are monitoring whether network usage recovers toward the 500 million XRP level in coming days. On the downside, the key support zone ranges between $1.25 and $1.27, with potential further support at $1.15 and $1.00 if selling pressure increases. Conversely, buyers would need to push the asset back above $1.34 to $1.38 to reclaim key technical levels.
Key points
- XRP Ledger daily payment volume fell 72.3% on October 17 to 119.5 million XRP, far below its 30-day average of 629.3 million XRP.
- XRP trades around $1.27, down from its September high near $1.66 and below major moving averages situated between $1.34 and $1.38.
- The Relative Strength Index for XRP sits near 40, signaling weak momentum while trading volume has moderated.
- Technical support is located in the $1.25 to $1.27 range, with $1.15 and $1.00 acting as secondary support zones.
Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org
How we writeDisclaimerQuestions and answers
Why did XRP Ledger payment volume decrease?
Daily XRP Ledger payment volume fell 72.3% on October 17 to 119.5 million XRP. Low weekend transfers and short-term volatility often cause volume swings, but the sharp decline highlights reduced on-chain transfer activity.
What are the key price levels to watch for XRP?
Immediate support for XRP lies between $1.25 and $1.27, with additional support levels at $1.15 and $1.00. Key overhead resistance sits between $1.34 and $1.38, corresponding to its 50-day, 100-day, and 200-day moving averages.