The Z-score showing XRP trading volume on Binance has fallen to its lowest level since December 2025.

On April 11, blockchain outlet The Crypto Basic reported that the indicator has now dropped below -1, showing a clear slowdown in XRP trading.

The fall in the indicator is emerging alongside a long-term bearish trend in XRP. XRP has stayed in a downtrend since October 2025, with its price down 53 percent. Compared with the $3.6 peak recorded in July 2025, the decline is about 63 percent. The market had expected a rebound in 2026, but further losses since the start of the year are weighing on sentiment.

Arab Chain (아랍 체인), an analyst at on-chain analytics firm CryptoQuant, explained that the 30-day volume Z-score shows how high or low current volume is versus the past month's average. When the value turns negative, it means current volume is below typical levels. Binance's XRP volume indicator has fallen to a level rarely seen since 2025.

Arab Chain pointed to the trend as suggesting reduced participation by short-term investors. He said a falling volume Z-score signals weak momentum and fading interest from short-term traders, and that funds chasing quick price moves have stepped back for now. That means investors are staying on the sidelines until they see a new direction.

The drop in volume is also linked to the possibility of lower volatility. Arab Chain said that when market activity shrinks to this level, prices often enter a range-bound phase. He added that such phases can also be a precursor to bigger volatility later. He mentioned that the next move could be stronger in either direction depending on what comes next.

A similar case occurred in the past. The last time Binance's XRP volume Z-score fell to a level similar to the current one was in late December 2025. XRP was then priced at about $1.85, and market activity was also slowing.

As volume picked up again, prices responded quickly. XRP rose to $2.41 on Jan. 6, 2026, and the volume Z-score also jumped to around 2.1. That showed that once trading activity returns, price reactions can be swift. The rebound did not last long. After facing resistance around $2.41, XRP turned back to a downtrend.

Given this pattern, the key variable in the current XRP market appears to be whether trading recovers rather than the price itself. The next direction could hinge on whether short-term funds return and volume rebounds to average levels, or whether sidelined trading persists and a range-bound market lasts longer.