XRP drops 45% but sets on-chain record: 2.7 million transactions reveal bottom signals

Although XRP prices continued to weaken in February 2026, on-chain data for the XRP Ledger recorded several 12-month highs during the same period: successful payment transactions increased from a low of 1 million at the end of December last year to over 2.7 million, and Automated Market Maker (AMM) deposits surpassed 14,000, reaching a new all-time high.

On-Chain Activity Reaches New Highs: Upgrades Drive Record-Breaking Successful Payments and AMM Deposits

(Source: XRPScan)

According to XRPScan data, the number of successful payments on the XRP Ledger (transactions confirmed by validated nodes and written into the distributed ledger) showed significant growth momentum in February. Transaction volume rose from a low of 1 million at the end of December last year to over 2.7 million, with an average of about 2 million transactions per day and approximately 40,000 active addresses.

Crypto analyst CryptoSensei stated, “XRP network activity remains strong, reflecting real usage. While most blockchains chase various narratives, XRPL continues to facilitate value transfer, payments, and settlement. This stability is exactly what institutions need.”

(Source: XRPScan)

Meanwhile, AMM deposits on the XRP Ledger DEX also hit a record high, surpassing 14,000, immediately following the activation of two key upgrades in early February: first, the Permissioned Domains upgrade was launched, and two weeks later, the Permissioned DEX officially went live. Investors expect that the Permissioned DEX will provide a compliant, controlled liquidity environment for banks, payment providers, and financial institutions building on XRPL.

Key February Data for XRP Ledger

Successful Payments: Over 2.7 million, the highest in nearly 12 months (more than 1.7 times the low of 1 million at the end of December last year)

AMM Deposits: Over 14,000, a new high for XRP Ledger

Average Daily Transactions: About 2 million, with around 40,000 active addresses

Upgrade Nodes: Permissioned Domains launched in early February; Permissioned DEX went live two weeks later

Price Trends: Five Consecutive Months of Decline and Key Technical Support

Despite impressive on-chain data, XRP’s price trend has been the opposite. As of this writing, XRP is trading at $1.33, down approximately 45% from its early-year high, marking the fifth consecutive month of decline. Data from BeInCrypto shows that large holders continue to sell on exchanges, leading to realized losses reaching the highest levels since 2022.

On the technical side, analysts indicate XRP needs to break through the $1.47 resistance level to confirm a short-term rebound momentum. Historically, realized losses reaching extreme levels often occur before or after the formation of significant bottoms, but the timing of reversals depends on subsequent demand-side changes. Continued improvement in on-chain activity could become a key factor supporting medium- to long-term fundamentals.

Frequently Asked Questions

What does it mean that XRP Ledger’s successful payment transactions hit a 12-month high?

Successful payment transactions are a core indicator of real usage on the XRP Ledger, reflecting the number of effective transactions confirmed and recorded on the ledger. The increase from 1 million to over 2.7 million indicates a substantial rise in network activity following the upgrades to Permissioned Domains and Permissioned DEX. This is an important signal distinguishing genuine network use from purely speculative on-chain activity.

What is the significance of Permissioned DEX for institutional adoption of XRP Ledger?

Permissioned DEX is a decentralized exchange feature designed for institutions requiring compliant trading environments. It allows banks, payment providers, and financial institutions to conduct transactions within a controlled, regulation-compliant liquidity environment. Its activation is seen as a major milestone in XRP Ledger’s move toward becoming a foundational infrastructure for institutional finance.

How should we interpret the divergence between record-breaking on-chain data and falling prices?

Divergence between on-chain activity and token prices is not uncommon. During market downturns, users continue to utilize the network for payments and settlement, while token prices may remain under pressure due to large holder sell-offs, realized losses, or overall market sentiment. Analysts often view such divergence as a sign of disconnect between fundamentals and market emotions, rather than a deterioration of the network’s underlying capabilities.