Activity on the XRP Ledger slowed significantly, with payment transaction volumes falling to their lowest level since October last year

PANews reported on June 3 that, according to CoinDesk, XRPScan data showed that activity on the XRP Ledger slowed down significantly, with the number of payment transactions falling to 320,747, the lowest since October last year, and far lower than the average of more than one million transactions from March to early May. The number of active addresses also fell below 10,000, also the lowest since October. At the same time, the amount of XRP burned as a fee fell to 1,500, the lowest in months, coinciding with a slowdown in new account creation. The slowdown came after a strong Q1, when payment transaction volume increased by 36% quarter-on-quarter and the number of active addresses increased by 142%. Messari reported an optimistic outlook for the XRP Ledger, citing increased institutional adoption through strategic partnerships and acquisitions.

Recently, Bitcoin rose to an all-time high of more than $110,000, up more than 40% from its low in early April. The rally pushed the market higher, with XRP rising 62% from $1.6 to $2.6, but the rally has since stalled, well below the January peak of XRP of about $3.4. This suggests that XRP has not benefited from Bitcoin's new highs as it did at the beginning of the year, or suggests weaker demand and needs to be treated with caution as a potential decline in Bitcoin could put pressure on XRP prices.

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