XRP Ledger payment volume plunges nearly 90% in two weeks
XRP is rapidly losing payment volume on the network, which is not a great signal.
- Volume drop. XRP on-chain data shows a sharp decline in payment activity, with transaction flows dropping nearly 90% from early February peaks.
The past two weeks have seen a sharp decline in payment activity, according to XRP on-chain data. According to metrics monitoring payment volume across the XRP Ledger, transaction flows between accounts have decreased by almost 90% from their peak in early February, which is one of the most dramatic drops in network usage in recent memory.
The volume of daily payments at the start of the period momentarily jumped into the multibillion-unit range, indicating a resurgence of network activity and a rise in utility demand. This momentum, though, was fleeting. Activity has gradually decreased since then, with payment volumes reverting to baseline levels and ultimately plummeting to a small portion of their most recent peaks.
- Low demand. Such a steep drop typically reflects declining transactional demand, rather than temporary volatility.
Usually, a sharp decline like this indicates declining transactional demand as opposed to merely transient volatility. Fewer transfers indicate less utility activity among exchange payment providers, and users interacting with the ledger as payments volume is frequently seen as a stand-in for actual network usage. The price action is also displaying this weakness.
Shiba Inu enters low-volatility consolidation phase
SHIB’s volatility is hitting the ground in an unexpected manner, which is the last thing you’d expect now.
- Narrow range. Shiba Inu is showing clear signs of consolidation, trading within one of its narrowest ranges in recent months.
The price of Shiba Inu is clearly showing signs of consolidation, as it enters one of its quietest periods in recent months. SHIB has now entered a narrow trading range, where volatility has significantly decreased, following a series of lower highs and ongoing selling pressure throughout the larger cryptocurrency market.
The asset’s movement was once characterized by sharp price swings, but these have mostly vanished, leaving behind sideways movement and lackluster trading momentum.
- Trader sentiment. Cooling trading volume suggests traders are waiting rather than aggressively positioning.
After reaching local lows, SHIB recently tried a brief recovery on the daily chart, but the recovery was short-lived. Buyers were able to move the price up a little, but the momentum quickly stopped, indicating that market players are not yet prepared to invest a sizable sum of money in a long-term recovery.
The idea that traders are waiting, rather than aggressively positioning for the next move, is further supported by the cooling volume.
Bitcoin-to-Gold ratio weakens
BTC’s purchasing power is contracting amid the safe-haven narrative.
- BTC vs. Gold. Gold has moved back above the $5,000 per ounce mark.
Gold has reclaimed the $5,000 per ounce threshold on the TVC chart by TradingView, and this time, the move is not just symbolic. As bullion pushes back into five-handle territory, Bitcoin is slipping in relative terms, with the BTC/XAU ratio drifting lower across intraday and higher time frames.
On Feb. 18, spot gold traded around $5,005, extending a decisive advance that accelerated in the U.S. session. The five-minute chart shows a sequence of higher highs and firm closes above short-term moving averages, while momentum readings remain elevated without clear exhaustion.
- Risk hedge. The decline means one Bitcoin now buys fewer ounces of gold, signaling relative underperformance.
The technical posture supports continuation, at least while the price holds above the $4,980-$4,990 area. The Bitcoin-to-gold ratio fell toward 13.46, down from levels above 13.9 earlier in the week. That means one Bitcoin now buys fewer ounces of gold than it did just days ago.
Bitcoin has long been framed as a digital alternative to gold, particularly during inflation concerns or geopolitical strain. When bullion strengthens while the BTC/XAU ratio weakens, investors are effectively voting for the traditional hedge.
