XRP network activity dropped sharply in early July, with daily active addresses falling to 25,350 and 24,887 on July 9 and 10—the second-lowest levels of 2026. Network growth also hit a low of 2,130, its weakest since November 2024. Meanwhile, spot buying pressure has steadily declined since March, and the 30-day aggregate of funding rates has remained negative throughout 2026. A similar bearish consensus in April 2025 preceded a 126% rally, though analysts note that spot volume trends must shift significantly for such a move to repeat.
XRP Ledger activity has fallen to unusually low levels, according to Santiment. On July 9 and 10, the network recorded only 25,350 and 24,887 daily active addresses—the second-lowest figures in 2026. Daily network growth also dropped to 2,130, the lowest since November 2024.
Traders and investors appeared to be waiting on the sidelines for a decisive move rather than chasing shallow price bounces, such as those seen in mid-June and early April. Spot volume trends confirmed this hesitancy, as the spot CVD (cumulative volume delta) over the past 90 days remained in neutral territory, indicating reduced aggressive buying since March.
A brief flurry of taker buy activity in May saw XRP’s price bounce toward $1.55 before slumping back to $1.10. Exchange net position change has been negative in recent months, reflecting XRP flowing out of exchanges, likely into cold storage and accumulation—though not as heavily as the outflows seen in 2025.
Against this muted backdrop, analyst Darkfost believes that the altcoin’s speculative bias remains firmly bearish. The 30-day aggregate of funding rates has been negative throughout 2026, despite the over 70% correction since XRP peaked at $3.66 in July 2025.
Darkfost noted that a similar period of sustained negative aggregate funding rates occurred in April 2025, which was followed by a 126% rally. However, spot volume trends would need to undergo a major shift to enable such a move again.
