XRP Transaction Demand Falls 91.5% Near $0.65 Support

XRP transaction demand has collapsed 91.5% since February 2025, according to blockchain analytics firm Glassnode, as the token slides below key support levels amid extreme fear across crypto markets.

The sharp decline in network activity compounds a difficult stretch for XRP, which was trading at $1.097 after losing 3.53% in 24 hours. With the broader crypto Fear & Greed Index sitting at 9, classified as Extreme Fear, traders are watching whether nearby support zones can hold.

XRP network fees signal a near-total activity collapse

Glassnode reported on June 9, 2026 that the 90-day simple moving average of total fees paid on the XRP network fell from 5.9k XRP in February 2025 to just 0.5k XRP. The firm described the magnitude of that drop as evidence of “a near-total contraction in organic transaction demand” on the network.

The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline.
A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the… https://t.co/wzKcbqNWHh pic.twitter.com/yO5p6mWsCK

— glassnode (@glassnode) June 9, 2026

Source: @glassnode on X

The decline reflects falling transaction counts rather than a protocol-level fee change. The XRP Ledger’s standard minimum transaction cost remains 0.00001 XRP (10 drops), unchanged throughout the period. That distinction matters: the 91.5% fee collapse is a usage signal, not a technical adjustment.

Traders defend the $1.10 support zone after losing $1.13

XRP’s price action has deteriorated alongside its network metrics. CoinDesk reported on June 10 that XRP lost the $1.13 level after a 4.5% selloff, with traders now watching the $1.10 to $1.12 range as the next line of defense.

A failure to hold $1.10 could open the door to a retest of $1.00, or potentially the $0.80 to $0.90 range, according to the same CoinDesk analysis. That kind of downside scenario would come against a backdrop of already weakening network fundamentals.

The combination of collapsing on-chain fees and deteriorating price structure creates a feedback loop that short-term traders are watching closely. When network usage falls, it can erode confidence in organic demand for the token, which in turn pressures spot prices toward lower support levels. Developments like the Bank of Japan’s pending rate decision add macro uncertainty that weighs on risk assets broadly, including XRP.

XRP’s market cap stood at roughly $68 billion at press time, with 24-hour trading volume near $1.97 billion. That volume level suggests active positioning but not the kind of capitulation spike that typically marks a near-term bottom.

Bull and bear cases as XRP tests a fragile setup

The bear case is straightforward: a 91.5% decline in fee-based transaction demand signals that fewer users and applications are actively transacting on the XRP Ledger. If that trend continues, it undermines the fundamental case for holding XRP, regardless of where support sits on a price chart.

The bull case rests on price structure. If XRP holds the $1.10 zone and fee demand stabilizes, traders may interpret the current period as a washout rather than a structural breakdown. Institutional crypto infrastructure continues to expand, as seen with BitGo’s recent integration of institutional access to DeFi protocols, which could eventually benefit networks like XRPL.

Near-term, traders should watch two variables: whether XRP’s 90D fee SMA finds a floor above current levels, and whether the $1.10 support zone absorbs selling pressure or breaks. A decisive close below $1.00 paired with continued fee erosion would confirm the bearish read. A bounce at $1.10 with stabilizing network activity would give bulls a reason to re-engage.

Capital flows across crypto remain under pressure. Large fundraises like NEURA’s $1.4 billion raise backed by Tether, Nvidia, and Amazon show institutional appetite persists in select areas, but that optimism has not translated into broad altcoin demand. XRP’s fee data suggests it sits firmly on the wrong side of that divide for now.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.