Data: Payment transaction volume on the XRP Ledger has dropped to its lowest level since October last year

ChainCatcher news, according to CoinDesk, XRPScan data shows that activity on the XRP Ledger has significantly slowed down, with payment transaction volume dropping to 320,747, the lowest since October last year, far below the average of over one million transactions from March to early May. The number of active addresses has also fallen below 10,000, marking the lowest since October. Meanwhile, the amount of XRP destroyed as transaction fees has decreased to 1,500, the lowest in months, coinciding with the slowdown in new account creation.

Messari's report is optimistic about the XRP Ledger's prospects, stating that institutional adoption is increasing through strategic partnerships and acquisitions. XRP has not benefited from Bitcoin's new highs as it did at the beginning of the year, which may suggest weakening demand, warranting caution, as a potential decline in Bitcoin could put pressure on XRP's price.