XRP Ledger On-Chain Activity Hits All-Time Highs Amid Persistent Price Weakness

The XRP Ledger (XRPL) recorded all-time highs in network activity during February 2026, including a surge in successful payments and Automated Market Maker (AMM) deposits, following recent protocol upgrades. Despite this on-chain growth, XRP’s price remained under pressure, trading at $1.33 as of late February, down 45% from its yearly high and struggling to break the $1.47 resistance level.

On-Chain Activity Surges Following Permissioned Domains Upgrade

Data from XRPscan indicates that successful payments on the XRP Ledger increased from approximately 1 million daily at the end of December 2025 to over 2.7 million in February 2026, marking a 12-month high. Successful payments refer to transactions that validators have confirmed and permanently recorded on the distributed ledger, serving as a key metric for genuine network utilization.

This increase reflects growing activity in payments, transfers, and decentralized finance (DeFi) applications on the XRPL. “XRP network activity stays strong. Around 2M transactions per day and roughly 40K active addresses. That is real usage,” observed crypto investor CryptoSensei, adding that such consistency aligns with institutional expectations for settlement networks.

The Automated Market Maker (AMM) on the XRPL DEX also demonstrated significant growth, recording over 14,000 deposits—an all-time high. This development provides additional decentralized liquidity to the ecosystem and reduces trading slippage for users.

Industry observers attribute the AMM activity breakout to the Permissioned Domains upgrade, activated in early February, followed by the launch of a Permissioned DEX two weeks later. These features are designed to enable banks, payment providers, and financial institutions to trade within a controlled liquidity environment on the XRP Ledger, potentially expanding the network’s institutional use cases.

Price Dynamics Remain Under Pressure Despite Network Growth

While on-chain metrics improved,** **XRP’s price continued its decline for the fifth consecutive month, closing the final week of February in negative territory. The asset is currently trading at $1.33, representing a 45% decline from its early-2026 high.

Market data reveals several factors contributing to the price pressure. According to CryptoQuant, whale inflows to Binance spiked sharply, with wallets holding over 1 million XRP transferring more than 14 million XRP—valued at approximately $45 million—to the exchange in a single day. Such large movements to trading platforms typically indicate potential selling pressure.

However, XRP Taker Buy Dominance has remained elevated throughout February, with green bars dominating most trading sessions. This metric measures the ratio of aggressive market buying versus selling and suggests sustained spot demand rather than passive liquidity management. Between February 10 and 16, the market entered a neutral absorption phase before buying dominance returned, though at slightly cooler levels than in late January.

Analysts note that Bitcoin’s continued range-bound trading has contributed to broader market uncertainty, limiting conviction across altcoins. EGRAG Crypto highlighted a repeating Exponential Moving Average (EMA) structure, suggesting that** **XRP may revisit the $0.78 level—a projected EMA touchpoint in the current cycle—before any potential structural breakout. The analyst emphasized that a decisive reclaim of key EMA levels would be required to resume the macro uptrend.

FAQ: Understanding XRP Ledger Activity and Price Action

Q: Why is XRP’s price declining if network usage is increasing?

A: Price and on-chain activity can diverge in the short term. While the XRP Ledger is seeing record payment volumes and AMM deposits, price action is currently influenced by whale inflows to exchanges (creating sell pressure) and broader market uncertainty tied to Bitcoin’s lack of directional momentum. Historical patterns suggest such negativity sometimes precedes price bottoms.

Q: What is the Permissioned DEX on XRP Ledger and why does it matter?

A: The Permissioned DEX is a recent upgrade to the XRPL that enables banks and financial institutions to trade within a controlled, compliant liquidity environment. It builds on the Permissioned Domains upgrade and is designed to facilitate institutional participation in DeFi while meeting regulatory requirements for know-your-customer (KYC) and anti-money laundering (AML) protocols.

Q: What price levels are critical for XRP’s short-term direction?

A: Analysts identify $1.47 as the immediate resistance level that** **XRP must break above to shift the short-term market structure. On the downside, some technical models suggest a potential revisit of the $0.78 level, which aligns with historical EMA support points. Taker Buy Dominance metrics will continue to signal whether spot demand remains sufficient to absorb selling pressure.

Market Context: Institutional Infrastructure vs. Trading Dynamics

The divergence between XRP Ledger’s network metrics and XRP’s price performance illustrates the distinction between long-term infrastructure development and short-term trading dynamics. The Permissioned Domains and Permissioned DEX upgrades represent foundational infrastructure targeting regulated institutional participation—a multi-year adoption process.

Meanwhile, immediate price action remains subject to whale positioning, exchange flows, and Bitcoin’s influence on overall market sentiment. February’s sustained Taker Buy Dominance suggests ongoing spot demand rather than panic selling, which some analysts interpret as potential accumulation during the price decline.

As the XRPL expands its institutional capabilities, market participants continue monitoring both on-chain fundamentals and technical price levels for signals of directional conviction.