XRP fees down 91%, enthusiasm down more 📉

XRP network fees have collapsed by more than 91% since the early-2025 speculative surge, with Total Transaction Fees falling from 5.9k XRP in February 2025 to 0.5k XRP at press time, according to on-chain data tracked by GasCope. The decline coincided with a broader cooling in trading activity and a contraction in the number of participants transacting on the Ripple Ledger (XRPL).

As the price of XRP retreated from the $3 region, market structure has come under visible strain. The Realized Profit-to-Loss Ratio has dropped to 0.38, indicating that realized losses now dominate realized gains, a pattern typically associated with recent buyers exiting underwater positions following the correction. Exchange inflows have not matched that stress, however; transfers exceeding 1 million XRP into Binance continue to trend lower, suggesting the current pressure reflects smaller-holder capitulation and leverage unwinds rather than large-scale whale distribution.

Demand metrics remain subdued across both spot and derivatives markets. Spot volume for XRP is holding near $1.8 billion at press time, below the levels usually associated with sustained accumulation. Open Interest has fallen from peaks above $10 billion in 2025 to roughly $2 billion, underscoring the sharp reduction in speculative positioning.

On the supply side, earlier tightening of exchange-held balances pointed to improving market structure, but that improvement has not translated into stronger price action. Until spot volume expands and futures participation returns, the network's fee generation and overall activity are likely to remain weighed down by the post-rally reset.