XRP's on-chain activity has significantly decreased, with daily payments plummeting from 800,000–1,000,000 to approximately 223,000 on September 15, 2025. This drop of around 600,000 payments highlights a reduction in network throughput and liquidity. The decline is linked to decreased retail and institutional participation, alongside potential technical issues. XRP's price, which had reached $3.20, is now under pressure, moving back towards $3.00, with the 50-day EMA offering immediate support. The reduced network activity raises concerns about the ongoing demand for cross-border settlements, with future recovery potentially reliant on increased institutional involvement, retail trading, or technical enhancements.