XRP Drops to $2.09 as On-Chain Activity Sputters Despite ETF Optimism
XRP slid 2.57% to $2.09 on Tuesday, deepening its weekly loss to nearly 8% as traders eye weakening momentum across the altcoin space. Despite a modest 1.5% monthly gain, XRP is struggling to hold above key support levels as investor attention turns to broader macroeconomic catalysts—including this week’s U.S. Federal Reserve decision.
A mixed bag of data from Ripple’s first quarter XRP Markets Report points to the token’s current tension. While spot trading volumes for XRP surged in the first quarter—averaging $3.2 billion daily and briefly topping $16 billion—on-chain activity on the XRP Ledger (XRPL) declined. Transactions fell more than 37% quarter-over-quarter, while wallet creations dropped 40%.
Even decentralized exchange activity on XRPL was down nearly 17%, with monthly DEX volume stuck around just $3.3 million, according to DefiLlama.
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