The post XRP’s Key Metric Shows 700,000,000 Drop: What Could It Mean? appeared on BitcoinEthereumNews.com. Payment volumes drop: Expectations Bearish sentiment prevails This week, XRP’s on-chain activity has suffered greatly. Recent data shows that payment volume, a key measure of network utility, has dropped by almost 70%. XRP transfers between accounts have drastically decreased, according to metrics, from over 700 million daily transactions at the beginning of October to about 230 million by the end of the month. The network demand and the general perception of Ripple’s ecosystem are called into question by this sharp decline in transactional flow. Payment volumes drop: Expectations The drop in payment volume points to either a short-term slowdown in remittance or institutional activity, or a more widespread drop in organic usage, as the token tries to recover its market share. Periods of price stagnation have historically been accompanied by prolonged declines in XRP’s on-chain metrics, and the current situation appears to be no exception. XRP/USDT Chart by TradingView Technically speaking, XRP is currently trading at about $2.49, just above short-term support but still below significant resistance levels indicated by the 100-day and 200-day moving averages, which are at about $2.78 and $2.81, respectively. Bearish sentiment prevails There is still bearish sentiment present on the asset, as it recently tried to break out of its descending wedge but was unable to hold above the trendline. The RSI at 45 indicates that momentum is still weak, even though it is in a neutral position and leans slightly toward bearish territory. You Might Also Like A noticeable slowdown in on-chain throughput may limit XRP’s upside in the near future. The $2.40-$2.35 area is still important as short-term support for the time being; if it is lost, there may be another correction toward $2.10 or even lower if selling pressure increases. Regaining $2.80 with a verified breakout, on the other hand, would be… The post XRP’s Key Metric Shows 700,000,000 Drop: What Could It Mean? appeared on BitcoinEthereumNews.com. Payment volumes drop: Expectations Bearish sentiment prevails This week, XRP’s on-chain activity has suffered greatly. Recent data shows that payment volume, a key measure of network utility, has dropped by almost 70%. XRP transfers between accounts have drastically decreased, according to metrics, from over 700 million daily transactions at the beginning of October to about 230 million by the end of the month. The network demand and the general perception of Ripple’s ecosystem are called into question by this sharp decline in transactional flow. Payment volumes drop: Expectations The drop in payment volume points to either a short-term slowdown in remittance or institutional activity, or a more widespread drop in organic usage, as the token tries to recover its market share. Periods of price stagnation have historically been accompanied by prolonged declines in XRP’s on-chain metrics, and the current situation appears to be no exception. XRP/USDT Chart by TradingView Technically speaking, XRP is currently trading at about $2.49, just above short-term support but still below significant resistance levels indicated by the 100-day and 200-day moving averages, which are at about $2.78 and $2.81, respectively. Bearish sentiment prevails There is still bearish sentiment present on the asset, as it recently tried to break out of its descending wedge but was unable to hold above the trendline. The RSI at 45 indicates that momentum is still weak, even though it is in a neutral position and leans slightly toward bearish territory. You Might Also Like A noticeable slowdown in on-chain throughput may limit XRP’s upside in the near future. The $2.40-$2.35 area is still important as short-term support for the time being; if it is lost, there may be another correction toward $2.10 or even lower if selling pressure increases. Regaining $2.80 with a verified breakout, on the other hand, would be…