Activity on the XRP Ledger has declined sharply in recent weeks, with publicly visible metrics showing steep drops across key indicators. Market analyst Arthur reported that active tagged users fell to around 38,000 from more than 200,000. Payment volume decreased to roughly 80 million XRP from over 2.5 billion, while unique sending accounts dropped to about 3,000 from more than 40,000. Although he described the numbers as concerning, he suggested they may not accurately represent overall network demand.
Arthur connected the decline to the February 18 rollout of XLS 81, a permissioned decentralized exchange feature that allows regulated institutions to trade within restricted liquidity pools. Transactions conducted through these private channels are not reflected on public tracking platforms. He also noted that the surge in activity seen in late 2025 was largely driven by retail flows that were visible on chain, whereas institutional transactions may now be occurring outside public view.
The analyst also pushed back against optimistic price predictions circulating on social media. He referenced a recent forecast from trader CryptoBull2020 that projected XRP could reach $15 by March and $70 by May, arguing instead that liquidity conditions and broader macroeconomic trends play a more decisive role in price movements than viral sentiment.
At the time of writing, XRP was trading near $1.39. The token is down roughly 2 percent over the past 24 hours, 5 percent over the last week, and 27 percent over the past month. Over the last year, it has declined more than 46 percent and remains over 60 percent below its July 2025 high of $3.65.
Meanwhile, pseudonymous analyst Darkfost observed that Bitcoin has been moving largely sideways, limiting momentum across altcoins. Darkfost also reported that more than 31 million XRP were transferred into Binance wallets within a single day, primarily from large holders. The transfers could represent approximately $45 million in potential selling pressure if those tokens enter the market.
Additional data from Santiment provides broader context. The firm reported that XRP recently recorded its largest realized loss spike since 2022 after falling from about $3.60 to near $1.10 earlier this month. Similar spikes in the past were followed by a 114 percent price increase within eight months, though Santiment did not suggest that the pattern would necessarily repeat.
In a separate valuation comparison using the MVRV ratio, Santiment ranked Ethereum as the most undervalued major cryptocurrency at negative 14.3 percent, followed by Bitcoin at negative 6.9 percent, with XRP at negative 4.1 percent. The metric assesses whether holders are in profit or loss relative to their average acquisition cost.
