The performance of XRP lately has left investors perplexed. A sharp decline in network activity has soured the overall outlook, raising serious doubts about any bullish continuation even though the line is still held close to important technical support. In terms of price, XRP is still hovering just above the 200-day moving average, which it has been holding for several months. 

Even a small breakout from the daily chart's descending wedge pattern was attempted, but the move lacked conviction. The asset is battling the 26 EMA, a dynamic resistance level that has become a key buying and selling point. Although it has not completely collapsed, XRP has not demonstrated the momentum required to overcome this ceiling either. User activity has collapsed according to on-chain metrics, especially payment count data from the XRP Ledger.

Source: XRP Scan

Payments, which are arguably the network's lifeblood, fell from almost 2. 5 million per day a few days ago to 741,501 as of June 25, a startling 70% decrease. On-chain decay of this kind is more than just noise. A declining base of active users, decreased transactional utility and waning demand are usually associated with it, all of which threaten price stability. What little buying power there is is at best weak, as evidenced by the chart's continued low volume.

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There is neither significant buying pressure nor oversold conditions, indicated by the RSI's position just below neutral. The situation is precarious while the price is unstable and the fundamentals are deteriorating. The likelihood of a bearish retrace is high unless XRP experiences a rebound in network activity and breaks above the 26 EMA with conviction and volume. Profit-seeking investors should keep a careful eye on on-chain usage. As of right now, XRP is stagnating due to a lack of users, which is a much more serious problem than a few red candles.

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