XRP's momentum is certainly giving a lot of reasons to stay concerned, given its recent on-chain activity. Data indicates that in contrast to earlier spikes in network usage, the number of active payments over a 24-hour period has drastically decreased to just 835,000. Even though XRP is still a significant player in the current market cycle, the drop in activity suggests that usage and demand for transactions on its ledger are decreasing. 

XRP's on-chain performance

XRP is having difficulty keeping up with the larger market in terms of price performance. Although Ethereum and Bitcoin have been leading with robust rallies, with Ethereum in particular advancing toward its all-time high, XRP's price action has lagged considerably and its gains have been modest.

The market's preference for assets with greater momentum and more distinct narratives is highlighted by ETH's explosive move, which is outpacing XRP's performance. With the price consolidating following its July rally, XRP's daily chart technically displays the formation of a symmetrical triangle. This pattern usually indicates that a breakout is about to occur, but it is unclear how strong it will be. 

Market performance

A clear break above the upper trendline might signal a bullish move, but traders will be closely monitoring the volume that goes along with it. If there is not a noticeable volume spike, any breakout could be a false signal that causes rapid reversals. Currently acting as a cushion, the 50-day moving average and support levels to keep an eye on are $2.87 and $2.69. 

A sustained break above $3.09 could encourage additional buying pressure, but the move might not last long if there is not a larger spike in network activity. In reality, Ethereum's hegemony and Bitcoin's ongoing tenacity are overshadowing XRP's current market presence. 

XRP runs the risk of slipping further behind in the current cycle until network activity increases and price action synchronizes with greater momentum. The symmetrical triangle presents a possible short-term setup for the time being, but it is unclear if XRP will be able to fully benefit from it given the lack of activity on the ledger.