XRP Ledger transaction volume has plummeted 90% from its peak, but the price remains stable within a long-term downtrend channel, indicating that the market has absorbed this decline. On-chain activity has stabilized at a lower baseline level of actual transfers and infrastructure usage, thereby filtering out speculative noise. Analysts point out that future price movements may depend on macroeconomic liquidity or regulatory catalysts rather than a sudden rebound in trading volume. After this prolonged compression period, volatility is expected to increase.