XRP transaction fees drop 89%: Is price headed below $1.75?

Nancy Lubale 4 minutes ago XRP transaction fees drop 89%: Is price headed below $1.75? XRP price risked a 15% drop to as low as $1.73, fuelled by collapsing transaction fees, reduced speculator appetite and a weakening technical structure. Listen 0:00 Market Analysis COINTELEGRAPH IN YOUR SOCIAL FEED XRP’s ( XRP ) drop toward $2 was preceded by a significant drop in transaction fees, which analysts said may fuel a deeper price correction. Key takeaways: XRP transaction fees have dropped to 650 XRP per day, levels last seen in December 2020. XRP’s descending triangle targets $1.73. XRP transaction fees drops to five-year lows The total daily transaction fees on XRP Ledger (XRPL) have dropped significantly since the beginning of the year, according to onchain data provider Glassnode. Related: XRP needs a Solana-style strategy to keep up: Ripple executive The total fees paid daily on XRP have dropped to approximately 650 XRP per day from 5,900 XRP per day on Feb. 9, Glassnode said in a Thursday post on X, adding: “This marks an 89% decline to levels last seen since December 2020.” XRP transaction fees. Source: Glassnode The drop in transaction fees coincides with a sharp drop in XRP’s futures open interest (OI), which has fallen to 0.74 billion XRP from 1.75 billion XRP in early October, representing a 59% flush-out. Paired with the funding rates dropping to 0.001% from approximately 0.01% (7D-SMA), this suggests reduced confidence among derivatives traders in XRP’s ability to recover. XRP: Futures open interest. Source: Glassnode As Cointelegraph reported , social sentiment toward XRP has tanked into the “fear zone,” the most FUD since early October, but some analysts say such a drop could be a precursor for a massive rally in XRP price , as seen in the past. XRP’s descending triangle targets $1.73 Price technicals for the XRP/USD pair are also showing a potential risk of dropping lower if it completes a descending triangle pattern. The chart below points to more downside risk if the price breaks below the triangle’s support line at $2. The measured target of the pattern, calculated by adding the triangle’s height to the breakout point, is $2.20, representing a 15% decline from the current price. XRP/USD daily chart. Source: Cointelegraph/ TradingView As Cointelegraph reported , the area between $2 and $1.98 remains a key support zone for XRP, and holding is crucial to avoiding further losses to $1.61. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information. # Cryptocurrencies # Altcoins # XRP # Price Analysis # Tech Analysis # Market Analysis # Altcoin Watch Add reaction