XRP transaction demand falls 91.5% as traders focus on $0.65 support

XRP transaction demand experienced a significant decline of 91.5% in the past week, as traders shifted their focus to the $0.65 support level. This sharp drop in network activity coincides with a substantial decrease in investor profitability, which has fallen to record lows. The XRP Ledger processed an average of 25.7 transactions per second (TPS) during the week of June 10, a stark contrast to the 300 TPS observed earlier in the year. This reduction in demand is attributed to a broader market sentiment that has seen XRP trade within a tight range between $1 and $0.65 for several weeks. Analysts suggest that this consolidation period is crucial for determining XRP's next significant price movement. The decrease in transaction volume also impacts the revenue generated from transaction fees on the XRP Ledger, though specific figures were not provided. The current market conditions indicate a cautious approach from investors, with many awaiting clearer signals before committing to larger positions. The $0.65 mark is now being closely watched as a critical psychological and technical support level that, if breached, could lead to further price depreciation.