XRP’s Fee Collapse Raises Questions About Real Network Demand
XRP’s on-chain activity is flashing a sharper warning than price alone shows, with Glassnode data pointing to a deep contraction in network use. In a June 9, 2026, post on X, the digital asset data, analytics, and research firm framed the fee decline as a demand signal.
The 90-day simple moving average, or 90D-SMA, tracks the average level of fees paid over the previous 90 days. “The 90D-SMA of total fees paid on the XRP network has fallen from 5.9K XRP in Feb 2025 to 0.5K XRP today, a 91.5% decline,” Glassnode detailed.
The crypto data analytics firm stated:
“A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.”
The chart included with the X post shows fees falling sharply from their early 2025 peak. That pattern suggests XRP’s speculative phase produced temporary activity, while sustained transaction demand failed to keep pace with price levels.
Older XRP Data Shows Why Current Weakness Has Deeper Roots
In November 2025, Glassnode published separate posts on X that pointed to weakening market conditions beneath XRP’s elevated price. Those observations suggest that signs of fading momentum emerged months before the sharp decline in network fees highlighted in June 2026.
The Nov. 17, 2025, post showed that only 58.5% of XRP supply remained in profit, the lowest share since November 2024. Despite XRP trading near $2.15, about four times higher than a year earlier, 41.5% of supply, or roughly 26.5 billion XRP, was still held at a loss, indicating many investors entered the market at elevated prices.
Another Glassnode post on Nov. 8, 2025, showed realized profit volume rising about 240%, from $65 million per day to $220 million per day, while XRP fell from $3.09 to $2.30. The increase suggested investors were locking in gains during a decline rather than during a strengthening advance, a trend that the analytics firm described as distribution into weakness.
