The recent price performance of XRP has demonstrated a botched recovery attempt as the asset has stalled beneath crucial resistance levels and experienced a sharp decline in on-chain activity. The market dynamics swiftly changed, but the token made a brief attempt to regain momentum within its descending channel, trading close to $2.97.
XRP's on-chain traction fell
The rejection has pushed XRP back into a precarious position and raised the possibility of more declines. According to the most recent data, the volume of XRP payments fell by more than 90% in the last day. The ledger showed that nearly 11.8 billion XRP had moved between accounts on Sept. 23.
XRP/USDT Chart by TradingView
However, by Sept. 24, activity had decreased to about 186 million XRP. The bullish thesis is undermined by this abrupt decline, which suggests diminishing utility and transactional engagement. A similar narrative is conveyed by the transaction count. Only a few days prior, XRP was processing over 10. 9 million transactions every day. This figure dropped to just 500,000 transactions by Sept. 24, one of the biggest on-chain contractions of 2025.
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XRP's rejection
These sharp drops are a reflection of decreased network demand, indicating a retreat by both retail and whale players. The price chart showed that when XRP hit descending resistance, its recovery momentum broke. The asset is currently holding just above its 200-day EMA at $2.87, but subsequent rejections at the $3.00 mark now verify that buyers are not convinced.
The absence of inflows and volumes and lack of a consistent uptick serve to further support the bearish outlook. In other words, XRP has been denied the opportunity to recover immediately. One of the asset's main sources of support network utility is disappearing as on-chain activity falls. XRP may be trapped in a protracted consolidation or possibly encounter a retest of deeper support at $2.59 unless volumes significantly increase. The primary dividing line is still the $3 level. If it does not recover quickly, XRP runs the risk of making this unsuccessful recovery the beginning of a longer bearish leg.
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