XRP has remained at its lowest levels since last month as on-chain activities continue to show signs of weakness.
While there has yet to be any major improvement in the metric, data from on-chain analytics platform XRPSCAN shows that only 449 XRP has been burned as fees in the last 24 hours.
Per the data, XRP has seen its burns fall to 449, after recording a modest 556 the previous day — marking a 19.26% decline in burn activity over the last day. Notably, this represents the lowest level recorded since the beginning of the month.
XRP fails to retrieve $3
Although XRP is currently trading in the green amid the broader crypto market rally, the drop in its burn rate comes as it continues to struggle below the $3 price level, failing to regain the bullish momentum seen earlier in the month despite the “Uptober” hype.
While the plunge in XRP’s burn metric has coincided with a notable decrease in its payment volume, it is increasingly evident that activity on the XRP Ledger has slowed significantly as momentum continues to fade.
Further data shows that the total volume of payment transactions involving XRP stands at 567,227,061 as of today — a massive decrease from over 670 million recorded yesterday.
While this measures the XRP transferred from one account to another, it appears that traders’ engagement on the XRP Ledger has slowed amid recurring market uncertainties.
XRP price surges 3%
Although XRP has shown modest price gains over the last 24 hours, it has failed to regain investor confidence, as it has yet to recover levels reached prior to the latest price dip.
After starting the month with notable daily gains, with its price trading steadily above the crucial $3 mark, XRP suddenly saw a massive slump last weekend. The sharp decline sent XRP to a multi-month low, with its price falling below $2.
While it has since returned to the $2 zone amid a broader market resurgence, XRP is still struggling to reclaim its crucial price levels.
Over the last day, data from CoinMarketCap shows that XRP has surged by 3.32%, with its price trading at $2.61 as of writing time.
With the countdown to the highly anticipated XRP ETF launch currently on hold — coinciding with plunging on-chain activity — investors have become increasingly doubtful about XRP hitting the $3.6 target anytime soon.
