XRP Ledger payment volume has plunged to near zero over the past 24 hours.

U.Today, a blockchain media outlet, reported on July 12 that the amount of XRP moved between accounts fell to 40.5 million XRP on July 12 from more than 1.3 billion XRP earlier this month.

The metric is closely watched because it shows actual funds moving on the XRP network. It reflects what value has been exchanged within the network rather than speculative trading on exchanges. With the figure down more than 95 percent in a matter of days, concerns could grow that network demand and usage have weakened.

The sharp drop does not necessarily mean a long-term slowdown. XRP payment volume is heavily influenced by a few large transfers among institutional participants, exchanges and whale wallets. For that reason, even sharp short-term swings often do not have a long-term impact on XRP prices or the overall condition of the network.

The actual pattern was similar. XRP payment volume surged around July 1 and then quickly reversed. This pattern has repeated in the past, and there have been many cases where the figure fell sharply as some large transactions were completed.

The key is whether it rebounds in the short term. Unlike indicators that show longer-term trends such as the number of active addresses or wallet growth, payment volume can rise again in a short period. A handful of large transfers can lift it back to hundreds of millions of XRP in a single day. There have been past cases where a sharp rebound followed a steep drop in payment volume.

Price action remains a burden. XRP is trading below major moving averages, and the broader trend is dominated by bearish momentum. The drop in payment volume, however, does not necessarily mean further declines in the token price and should be assessed separately.

Investors should focus less on the drop itself than on whether it is a temporary gap or the start of a long-term slowdown. For now, the near-zero payment volume should be watched as a warning signal rather than treated as a confirmed sign of prolonged stagnation. Whether payment volume rebounds within the next 24 to 48 hours remains a factor that could determine the short-term direction of XRP network activity.