Karla Barker 
XRP network activity has dropped to unusually low levels, according to blockchain analytics firm Santiment. On July 9 and 10, the XRP Ledger recorded only 25,350 and 24,887 daily active addresses. These figures represent the second-lowest readings in 2026. Daily network growth also fell to 2,130, the lowest since November 2024.
This decline in activity suggests that traders and investors are waiting on the sidelines. They seem hesitant to chase shallow price bounces like those seen in mid-June and early April. The data implies a preference for waiting for a more significant move before re-entering the market.
Spot volume trends confirm cautious sentiment
Spot volume trends back up this cautious sentiment. The spot cumulative volume delta (CVD) for the past 90 days, tracked by CryptoQuant, remains in neutral territory. This metric measures aggressive or taker participation in the market. The spot CVD has been in decline, hinting at reduced buying since March, though it is not yet taker sell-dominant.
There was a brief burst of taker buy activity in May, which quickly faded. At that time, XRP’s price bounced toward $1.55 before falling back to $1.10. This pattern suggests that buying pressure is not strong enough to sustain rallies.
Exchange flows show accumulation but at a slower pace
The exchange net position change has been negative in recent months. Negative values indicate that XRP tokens are moving out of exchanges, likely into cold storage for accumulation. However, the outflow pace is not as heavy as the bouts seen in 2025. This suggests accumulation is happening, but perhaps at a more measured rate.
Funding rates hint at potential for reversal
Against this backdrop of muted spot buying, analyst Darkfost believes that XRP’s speculative bias is firmly bearish. The 30-day aggregate of funding rates has been negative throughout 2026. Despite a correction of over 70% since XRP hit $3.66 in July 2025, this bearish consensus could serve as a clue for a medium-term reversal.
In April 2025, sustained negative aggregate funding rates were followed by a 126% rally, the analyst noted. Whether a similar scenario will play out remains uncertain. For such a rally to happen, spot volume trends would need to undergo a significant shift. For now, traders appear content to wait for clearer signals.