XRP is facing pressure as price weakens while on-chain activity rises, creating a divergence that leaves traders watching key support levels closely.
XRP is trading at $2.25, down 1.8% in the past 24 hours. Over the past week, it has moved between $2.12 and $2.66, falling 13% for the period. In the last month, the decline has extended to 24%, and the token now sits about 38% below its $3.65 all-time high from July.
Trading volume has risen to $9.85B in the past day, up 61.6%, which shows more active participation even as XRP (XRP) price pressure continues. Derivatives data provides a clearer view of sentiment. While open interest has decreased 9.93% to $3.43B, the overall volume of futures trading has increased 49.4% to $13.93B, as per CoinGlass data.
This combination often suggests that instead of entering new positions, traders are modifying or exiting existing ones.
According to a Nov. 5 analysis by CryptoQuant contributor CryptoOnchain, there has been a sharp rise in activity on XRP Ledger’s built-in decentralized exchange. The number of transactions reached 954,000 in a single day, which is the highest level seen in recent months. On paper, such a spike may appear supportive for the network, suggesting strong ecosystem engagement.
Yet the timing presents a concern. Earlier times of high network activity, like mid-July, coincided with price increases. The most recent spike in transactions occurred as XRP dropped from the $3 range to its current levels. The pattern suggests that the increase in activity may not be driven by accumulation.
It may instead stem from automated trading strategies, arbitrage behavior, or even distribution during a period of declining prices. Until price begins to move in step with network growth, this measure is better viewed as a warning sign rather than an immediate support factor.
The coming weeks include several events that could introduce volatility. Multiple spot XRP exchange-traded fund filings are approaching decision windows, including Canary Capital’s amended application that could auto-activate as early as Nov. 13. If approved, analysts estimate $1-$2B of potential inflows.
The ongoing Swell 2025 conference in New York, ending Nov. 5, may also bring announcements tied to payments, tokenized assets, and financial partnerships. At the same time, several institutional treasuries continue to hold large XRP positions, including firms preparing ETF products and public companies such as Evernorth and Virtu Financial.
Market structure remains weak. The relative strength index near 36 suggests continuous pressure rather than a stable base. The price is continuing its downward trend, trading below all major short- and mid-term moving averages, and the momentum and MACD are skewed negatively.
Any attempt at recovery would likely run into resistance in the $2.40-$2.50 range, where sellers have recently been active. Support is located near $2.10.
The market may find space for a controlled recovery propelled by catalysts if XRP maintains its $2.10 level. A clean break below that level would increase the risk of further retracement as positioning resets.
