XRP Transactions Plunge 91.5% as $0.65 Looms

XRP transactions on the Ripple ledger have collapsed. The 90-day moving average of fees paid on the XRP network is down to 500 XRP from 5,900 XRP in February, a 91.5% drop according to Glassnode. The metric works as a direct proxy for transaction demand, and its breakdown closes the book on the speculative wave that pushed the token above $3 in 2025. XRP is changing hands near $1.10, and the $0.65 zone is now in the crosshairs.

Key Takeaways

• XRP network fees crash to 500 XRP on the 90-day average, down from 5,900 in February
• Realized profit-to-loss ratio falls to 0.38, against a 50 print at the 2025 peak
• Traders are watching the $1.00 to $0.65 zone as the next critical support band

On-chain demand in free fall

The harshest signal is in the network fee data. The 90-day moving average has gone from 5,900 XRP in February 2026 to 500 XRP today. That trajectory represents a 91.5% drop in useful activity on the Ripple ledger. Glassnode flags the metric as one of the most direct proxies for genuine transaction demand, independent of spot price action.

The contrast with the first half of 2025 is brutal. Back then, the spot XRP ETF narrative and the retail rush after the US presidential election pushed the token above $3. Fees scaled along the same path, lifted by arbitrage flow and market maker traffic. That dynamic has gone cold.

The realized profit-to-loss ratio confirms the picture. It has dropped to 0.38, which means holders are now realizing one dollar in losses for every $0.38 in gains. At the July 2025 peak, when XRP printed close to $3.40, that same ratio sat at 50. Capitulation is on, at levels the XRP cohort has not experienced since the post SEC trial cleanup.

This twin collapse, XRP transactions alongside profitability, removes one of the last narrative legs the bulls had been holding. The broader crypto selloff had already put XRP under pressure. The on-chain fundamentals now confirm the move is not a quick technical round trip.

How large addresses have shifted gears

Inflows from large holders to Binance tell the same story on a different timeline. Since the October 2025 peak, transfers from wallets holding 100,000 to 1 million XRP have dropped by 15%. For wallets above the million XRP mark, the decline reaches 20%. Large holders are no longer rushing to the leading exchange to sell, which can be read in two opposite ways.

The first reading is defensive. Large holders have already moved their primary sell tranche through the January to July 2025 window. What remains in wallets is no longer destined for short term liquidation, either because the position is now long term, or because the holder refuses to crystallize a deeper loss at current levels.

The second reading is more dangerous for the tape. Selling pressure has shifted toward mid tier and retail holders, which lack the inventory to absorb a fresh shock. That fits with the collapse of the profit-to-loss ratio. New selling is increasingly coming from cohorts already in the red, capitulating into thinner liquidity.

The macro result is a leaner orderbook, more sensitive to market orders. The 4.5% drop on June 10, which broke another support level and sent XRP to $1.10, illustrates that fragility. In a market where order book depth has eroded, every liquidation wave produces a wider price move than the same book would have absorbed six months earlier.

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$0.65, the zone everyone is watching

Technical consensus converges on a support band stretching from $1.00 down to $0.65. The fair value gap left by the late 2024 rally sits precisely between $0.63 and $1.00, and was never filled before the move higher. The technical point of control lines up around $0.52 to $0.55, aligned with the five-year ascending trendline.

That setup explains why traders like Crypto Patel and Javon Marks are calling the $0.65 zone an accumulation candidate. Three technical layers overlap at the same point: the bottom of the fair value gap, the upper edge of the five-year trendline, and the threshold where mean reversion algos become meaningful again. Bitcoin’s break below $60,000 has weakened the usual correlations, but a deeper retest before a bounce remains the dominant scenario.

In the short term, the question for holders is whether the dollar zone holds, or whether the liquidation extends mechanically into the $0.65 to $0.52 band. A clean defense of $1 would rebuild a sideways range that calms the macro pressure. A clean break opens a price vacuum where the book is famously thin.

The medium term question is more structural. The 91.5% collapse in XRP transactions is not the result of a single bad month. It is the aggregate of a tired narrative, institutional demand that never materialized via ETFs, and on-chain traffic without a speculative case to run. To reverse that trajectory, XRP needs either a major regulatory catalyst on the Ripple side, or a clean leg up on Bitcoin big enough to drag altcoins along.

For now, the XRP tape is fixed on $0.65 with new intensity. The zone has not been tested in years, and the scenario that drags the token down there would durably reshape Ripple’s place in this market cycle.

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