According to Santiment, XRP Ledger activity has fallen to unusually low levels recently. On July 9 and 10, the network saw only 25,350 and 24,887 daily active addresses.
These numbers were the second lowest in 2026. Furthermore, daily network growth was also at a low of 2,130 – the lowest since November 2024, Santiment wrote.
It appears that traders and investors were waiting on their guard to buy into a real move rather than chasing a minor price rebound, like the one that occurred in mid-June and early April.
Spot volume trends have supported this idea. Spot CVD for the past 90 days on CryptoQuant has been in the neutral zone. This metric tracks aggressive engagement or participation in the market.
Immediate CVD trends were declining. Although it has not been selling dominant yet, it has hinted at a decline in buying since March. There was a short burst of buying activity in May, but it quickly evaporated. At the time, the price of XRP reacted by bouncing towards $1.55, before falling to $1.10.
The net change in the exchange position has been negative in recent months. Negative values mean XRP Tokens flow from exchanges, and are likely to be cold stored and accumulated.
However, for context, it wasn’t as heavy as Outflow spells In 2025.
XRP funding rates remain at record lows
Against this backdrop of muted spot buying pressure on XRP, analyst Darkfost said He believes Altcoin speculation may also be extremely bearish.
Total 30-day funding rates have been negative throughout 2026. Despite the over 70% correction since the coin reached $3.66 in July 2025, a bearish consensus could serve as evidence of a reversal in the medium term.
Also in April 2025, persistent negative gross financing rates were seen. The analyst noted that this correction was followed by a 126% rise.
Only time will tell if a similar scenario will happen. Spot volume trends need to undergo a major shift to enable such a rally, that’s for sure.
Final summary
- Spot demand for XRP has fallen and the price has been moving sideways around the $1.10 support level.
- A strong bearish consensus even after a deep price correction could be a bullish reversal sign in the medium term.
