$XRP network activity is improving, even though its price remains near the bottom of its six-month range.

CryptoOnchain, a CryptoQuant author, said $XRP closed at $1.039 on August 8. The price fell from around $1.08 to the $1.02–$1.03 range over the past week.

While $XRP’s price remains weak, on-chain data shows more people are using the network and selling pressure on major exchanges is starting to ease.

$XRP Transactions Jump 86% in One Week

On August 5, $XRP processed more than 2.8 million transactions. That’s an 86% increase from the previous week and more than 81% higher than its 30-day average.

Daily transactions stayed high throughout the week, ranging from 1.3 million to 2.8 million. As a result, $XRP’s seven-day average rose well above its six-month average of 1.83 million transactions.

The number of active accounts also grew by more than 5% over the past 30 days, showing that more people are using the $XRP Ledger.

$XRP Exchange Activity Falls Sharply

At the same time, $XRP activity on major exchanges has dropped significantly. CryptoOnchain said Binance deposit addresses fell by about 96% compared with their monthly and quarterly averages. $XRP deposits and withdrawals on Binance also dropped by 79% and 85%, respectively, compared with their 90-day averages.

This could be a positive sign. $XRP’s network is becoming more active, while fewer coins are moving through exchanges. This suggests that the recent price weakness may not be due to large amounts of $XRP moving into exchanges for sale.

Leverage Is Cooling

$XRP’s derivatives market is also showing less speculation. Open interest fell from about $403 million on July 28 to $391 million on August 8, moving closer to its six-month low. The leverage ratio also dropped from 0.190 to 0.150.

On August 7, about $3.4 million in long positions were liquidated as $XRP briefly fell toward $1.02. Funding rates then turned positive again, reaching +0.008 on August 8.

According to CryptoOnchain, this suggests that some risky leveraged positions were cleared out without causing widespread panic or a large increase in short positions.

$XRP Could Be Building a Local Bottom

Overall, the data gives $XRP a more positive outlook despite its weak price. $XRP is trading near the bottom of its six-month range, while leverage and exchange activity have fallen. At the same time, activity on the $XRP network has increased.

CryptoOnchain called this a “classic bottom-building signature”. The idea is that more people are using $XRP while fewer coins are moving through exchanges, which could mean some investors are quietly accumulating $XRP instead of selling.

However, this does not mean $XRP will rise immediately. The price could still fall under $1 as bears continue to dominate.