Coinspeaker

7 hour ago

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XRP Transaction Fees Drop 90% to Lowest Since December 2020

The XRP price is under selling pressure, while transaction fees on the XRP Ledger have dropped by 90% over the past year.

XRP Transaction Fee Trends

• Daily transaction fees on the XRP Ledger are down to 650 XRP from 5,900 XRP in February, an 89% decrease.
• Open interest in XRP futures has fallen by 59%, from 1.75 billion XRP to 0.74 billion XRP since October.
• Funding rates decreased to 0.001% from 0.01%, indicating reduced confidence among traders.

Despite positive performance and inflows in XRP ETFs, sentiment indicators show a shift towards negative sentiment.

XRP Price Outlook

• Following a Fed rate cut, XRP is trading 2.67% down, testing support at $2.0 amid volatility.
• Technical indicators show the Relative Strength Index compressing and the Stochastic RSI in oversold territory.
• Market analysts suggest further pullbacks to the $1.90 support level could be constructive for positioning.