XRP continues to face selling pressure even as its on-chain activity and trading participation grow, creating a divergence between price and network performance that has traders watching key support levels closely.
At the time of writing, XRP trades near $2.25, down 1.8% over the past 24 hours. The token has fluctuated between $2.12 and $2.66 in the past week, marking a 13% weekly drop and a 24% decline over the past month. XRP now sits roughly 38% below its July all-time high of $3.65.
Volume Rises, But Traders Reduce Exposure
Despite the price decline, trading volume has climbed 61.6% to $9.85 billion in the past day, suggesting heightened participation in the market. However, derivatives data paints a more cautious picture.
According to CoinGlass, open interest in XRP futures fell 9.93% to $3.43 billion, while futures trading volume surged 49.4% to $13.93 billion. This combination typically indicates that traders are closing or adjusting positions rather than opening new ones, signaling reduced conviction in near-term upside.
Network Activity Surges Amid Falling Prices
On-chain data from CryptoQuant contributor CryptoOnchain shows a sharp rise in activity on the XRP Ledger’s decentralized exchange (DEX). On November 5, DEX transactions hit 954,000, the highest level recorded in several months.
While rising activity generally signals strong ecosystem engagement, this surge coincides with XRP’s price decline a pattern that raises questions about what’s driving the transactions.
Historically, periods of increased network activity have aligned with price rallies, such as in mid-July. The latest data, however, suggests the opposite implying that the activity could be linked to automated trading, arbitrage, or even distribution during a market cooldown.
Until XRP’s price begins to reflect network growth, analysts warn that the metric may act as a short-term caution signal rather than a bullish trigger.
Key Catalysts Ahead: ETFs and Swell Conference Updates
November could prove pivotal for XRP’s next move. Several spot XRP ETF filings are approaching their decision windows including Canary Capital’s amended application, which could automatically activate as early as November 13.
If approved, analysts estimate $1–2 billion in potential inflows could enter the market, providing short-term price relief.
Meanwhile, the Swell 2025 conference in New York Ripple’s flagship event ending November 5 could bring announcements related to tokenized payments, financial partnerships, or enterprise adoption. Institutions such as Evernorth and Virtu Financial reportedly continue to hold large XRP positions, underscoring sustained interest from corporate treasuries.
Technical Outlook: Watching the $2.10 Support Zone
Technically, XRP’s structure remains fragile. The Relative Strength Index (RSI) sits near 36, reflecting continued selling pressure and lack of a firm base. The token remains below all major short- and mid-term moving averages, while both momentum and MACD indicators skew negative.
Resistance is seen between $2.40 and $2.50, where sellers have recently been active. The $2.10 zone stands as crucial support a break below it could accelerate losses, while holding above it might open the door for a controlled recovery supported by ETF or conference-related catalysts.
Despite healthy network engagement, XRP’s price weakness highlights a disconnect between blockchain activity and investor sentiment. With ETF decisions and Ripple’s Swell event in focus, November could determine whether XRP finds stability above $2.10 or faces a deeper retracement before its next move.
