XRP Network Fees Plunge 91.5% as Transaction Demand Collapses

June 9, 2026 — XRP’s 90-day average network fee has cratered 91.5%, signaling a sharp contraction in organic transaction demand despite earlier price strength, according to blockchain analytics firm Glassnode. The drop from 5,900 XRP in February 2025 to just 500 XRP today reflects what analysts describe as a near-total collapse in real network usage since the speculative peak.

Immediate Details & Direct Quotes

Glassnode flagged the fee decline as a critical demand signal in a June 9 post on X. The firm tracks the 90-day simple moving average (90D-SMA) of total fees paid on the XRP network to measure sustained transaction activity.

“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,” Glassnode detailed in their analysis.

The accompanying chart shows fees falling steeply from their early 2025 highs, suggesting XRP’s previous price rally generated temporary speculative activity rather than sustainable network usage. The 91.5% decline raises fundamental questions about whether XRP’s broader utility can support its market valuation.

Market Context & Reaction

The fee collapse follows earlier warning signs of weakening market conditions beneath XRP’s elevated price. In November 2025, Glassnode reported that only 58.5% of XRP supply remained in profit, the lowest share since November 2024, despite XRP trading near $2.15.

Approximately 41.5% of supply—or roughly 26.5 billion XRP—was held at a loss, indicating many investors entered at elevated prices. This dynamic suggests significant buying pressure absorbed during the rally has yet to be profitable.

Further compounding concerns, Glassnode data from November 8, 2025, showed realized profit volume surging approximately 240%, from $65 million per day to $220 million per day, while XRP fell from $3.09 to $2.30. The analytics firm described this trend as “distribution into weakness,” where investors locked in gains during a decline rather than a strengthening advance.

Background & Historical Context

The current network activity contraction traces back to early 2025, when XRP experienced a speculative surge that temporarily drove fees and transaction volumes higher. Glassnode’s data indicates that sustained organic demand failed to keep pace with price levels once speculative fervor subsided.

The pattern mirrors broader crypto market dynamics where price rallies driven by anticipation often outpace underlying network utility. XRP’s case appears particularly stark, with fee metrics suggesting the gap between market price and real-world usage has widened considerably.

Notably, price data referenced in November 2025 showed XRP had already fallen from its $3.09 peak, with valuation declines preceding the full extent of the on-chain activity slowdown now evident in June 2026.

What This Means

The 91.5% fee collapse signals that XRP’s network faces a fundamental demand problem that price movements alone do not capture. For traders and investors, this suggests current XRP valuations may not reflect the asset’s actual transaction utility.

If organic network activity continues declining, questions will persist about XRP’s ability to support its market capitalization through real-world usage. The data indicates that speculative phases produce temporary activity spikes, but sustained adoption remains elusive.

The coming months will test whether new developments on the XRP Ledger—including tokenized real-world assets and expanded utility—can reverse the downward trend in transaction demand. Without a meaningful recovery in network fees, the divergence between price speculation and actual usage may intensify.

Not financial advice. Conduct your own research before making investment decisions.

—