XRP network activity is improving, even though its price remains near the bottom of its six-month range.
CryptoOnchain, a CryptoQuant author, said XRP closed at $1.039 on August 8. The price fell from around $1.08 to the $1.02–$1.03 range over the past week.
While XRP’s price remains weak, on-chain data shows more people are using the network and selling pressure on major exchanges is starting to ease.
XRP Transactions Jump 86% in One Week
On August 5, XRP processed more than 2.8 million transactions. That’s an 86% increase from the previous week and more than 81% higher than its 30-day average.
Daily transactions stayed high throughout the week, ranging from 1.3 million to 2.8 million. As a result, XRP’s seven-day average rose well above its six-month average of 1.83 million transactions.
The number of active accounts also grew by more than 5% over the past 30 days, showing that more people are using the XRP Ledger.
XRP Exchange Activity Falls Sharply
At the same time, XRP activity on major exchanges has dropped significantly. CryptoOnchain said Binance deposit addresses fell by about 96% compared with their monthly and quarterly averages. XRP deposits and withdrawals on Binance also dropped by 79% and 85%, respectively, compared with their 90-day averages.
This could be a positive sign. XRP’s network is becoming more active, while fewer coins are moving through exchanges. This suggests that the recent price weakness may not be due to large amounts of XRP moving into exchanges for sale.
Leverage Is Cooling
XRP’s derivatives market is also showing less speculation. Open interest fell from about $403 million on July 28 to $391 million on August 8, moving closer to its six-month low. The leverage ratio also dropped from 0.190 to 0.150.
On August 7, about $3.4 million in long positions were liquidated as XRP briefly fell toward $1.02. Funding rates then turned positive again, reaching +0.008 on August 8.
According to CryptoOnchain, this suggests that some risky leveraged positions were cleared out without causing widespread panic or a large increase in short positions.
XRP Could Be Building a Local Bottom
Overall, the data gives XRP a more positive outlook despite its weak price. XRP is trading near the bottom of its six-month range, while leverage and exchange activity have fallen. At the same time, activity on the XRP network has increased.
CryptoOnchain called this a “classic bottom-building signature”. The idea is that more people are using XRP while fewer coins are moving through exchanges, which could mean some investors are quietly accumulating XRP instead of selling.
However, this does not mean XRP will rise immediately. The price could still fall under $1 as bears continue to dominate.