Kecairan Pasaran XRP dan Kejatuhan Jumlah Transaksi ke Paras Terendah Berbilang Tahun: Apa Maksudnya

XRP menghadapi persoalan baharu tentang kecairan pasaran dan aktiviti rangkaian apabila pelabur lebih memberi perhatian kepada penyertaan perdagangan yang merosot dan petunjuk transaksi yang lebih lemah. Penurunan kecairan boleh menyukarkan pelaksanaan perdagangan besar tanpa menjejaskan harga, manakala aktiviti transaksi yang menurun mungkin menandakan permintaan yang berkurangan untuk Lejar XRP.

Walau bagaimanapun, kecairan pasaran, jumlah dagangan bursa dan jumlah transaksi dalam rantaian bukanlah perkara yang sama. Memahami perbezaan adalah penting sebelum membuat kesimpulan bahawa penggunaan XRP sedang memasuki kemerosotan yang berpanjangan. Data 2026 baru-baru ini juga menunjukkan gambaran yang lebih rumit: beberapa ukuran penyertaan telah lemah, sementara ukuran lain untuk aktiviti dagangan dan nilai rangkaian telah meningkat.

Kecairan dan Jumlah Transaksi Pasaran XRP: Apa yang Ditunjukkan oleh Data

Data terkini yang tersedia menunjukkan bahawa XRP sedang mengalami penurunan dalam beberapa ukuran penyertaan rangkaian, tetapi gambaran kecairan yang lebih luas tidaklah negatif secara seragam.

Menurut Laporan Kecairan XRP Suku Kedua 2026 Evernorth, tiga petunjuk mencapai paras terendah dalam enam suku:

• Akaun transaksi aktif harian menurun daripada 33,145 kepada 16,587.
• Penciptaan dompet baharu jatuh daripada 6,617 kepada 2,783 sehari.
• Bilangan aset yang didagangkan berbanding XRP pada buku pesanan menurun daripada kira-kira 480 kepada 319.

Angka-angka ini menunjukkan penyertaan yang lebih lemah dan julat pasangan dagangan yang lebih sempit. Walau bagaimanapun, ia tidak menetapkan bahawa setiap ukuran kecairan XRP atau jumlah transaksi telah mencapai paras terendah dalam tempoh berbilang tahun.

Mengapakah Kecairan Pasaran XRP Menurun?

Kecairan pasaran mengukur betapa mudahnya aset boleh dibeli atau dijual tanpa menyebabkan pergerakan harga yang ketara.

Bagi XRP, kecairan datang daripada beberapa sumber, termasuk bursa berpusat, bursa terdesentralisasi (DEX) Ledger XRP, pembuat pasaran automatik (AMM) dan aktiviti perdagangan institusi.

Beberapa faktor mungkin menjelaskan kelemahan dalam penyertaan.

Pengurangan Penyertaan Runcit

Penurunan akaun aktif menunjukkan bahawa lebih sedikit alamat yang berinteraksi dengan Lejar XRP. Pedagang runcit sering menyumbang kepada aktiviti perdagangan jangka pendek, terutamanya semasa tempoh momentum pasaran yang kukuh.

Apabila minat pasaran berkurangan, pedagang yang lebih kecil mungkin mengurangkan kedudukan mereka atau memindahkan modal mereka ke dalam mata wang kripto lain.

Permintaan yang Lebih Rendah untuk Perdagangan Spekulatif

Aktiviti perdagangan berkait rapat dengan sentimen pasaran. Apabila pelabur menjadi tidak pasti tentang pergerakan harga masa hadapan, mereka mungkin mengurangkan kekerapan perdagangan dan menunggu isyarat yang lebih jelas.

Ini boleh mengurangkan aktiviti pesanan dan jumlah dagangan walaupun rangkaian asas masih beroperasi.

Capital Concentration

Liquidity may also become concentrated among fewer participants.

Evernorth reported that average daily XRP order-book trading reached 3.57 million XRP in Q2 2026, representing a 79% increase year over year. However, the number of accounts initiating these trades fell from approximately 1,864 to 1,111 per day.

This suggests that fewer accounts were responsible for larger trading amounts. It is not necessarily evidence of a complete liquidity collapse, but it does indicate a change in market structure.

XRP Transaction Volume and On-Chain Activity

Transaction volume is another important indicator, but it needs to be interpreted carefully.

A blockchain can process substantial transfer value while experiencing fewer active users or less speculative trading. Payments, exchange transactions, token transfers, and internal wallet movements all contribute differently to recorded activity.

According to Evernorth's report, average daily accounts transacting on the XRP Ledger fell approximately 24% year over year in Q2 2026.

However, other indicators remained relatively strong:

The DEX volume was approximately 20% higher than a year earlier, despite being 16% below Q1 2026.

This distinction matters: declining account participation does not automatically mean that total transaction volume is collapsing.

What Does Lower XRP Liquidity Mean for Its Price?

Declining liquidity can create several challenges for XRP investors.

Higher Price Volatility

When fewer buyers and sellers are available, relatively large orders can move the market more significantly. This can increase short-term volatility, particularly during sudden selling pressure.

Greater Slippage

Slippage occurs when an order executes at a different price from the one expected.

If order-book depth becomes thinner, large XRP transactions may experience greater slippage. This can increase trading costs for institutional investors and large holders.

Weaker Buying Pressure

Lower participation can also make it harder for XRP to sustain upward price movements.

A price breakout supported by strong trading volume generally provides more convincing evidence of demand than one occurring during thin trading conditions.

Nevertheless, liquidity declines alone do not guarantee further price losses. Market direction also depends on broader cryptocurrency sentiment, capital flows, investor positioning, and demand for XRP.

Can RLUSD and Institutional Adoption Improve XRP Liquidity?

Despite weaker retail participation, the XRP Ledger is developing new sources of potential liquidity.

One important development is RLUSD.

According to Evernorth, average RLUSD balances on the XRP Ledger reached $539 million in Q2 2026, compared with $73 million a year earlier. Its value transferred also increased substantially.

Stablecoins can support liquidity by providing a dollar-denominated asset for payments, trading, and decentralized finance applications.

Institutional adoption is another potential catalyst.

Tokenized Treasury products, permissioned trading markets, and improved compliance infrastructure could attract participants that require more controlled financial environments.

However, institutional activity does not automatically translate into demand for XRP. Financial products can use RLUSD or tokenized assets without requiring significant XRP purchases.

The key question is whether these developments eventually generate sustained trading demand and deeper markets for XRP itself.

What Should XRP Investors Watch Next?

Investors should monitor several indicators rather than relying on a single transaction-volume headline.

Three developments deserve particular attention.

First, whether active accounts recover. A sustained increase would suggest that more participants are returning to the network.

Second, whether trading volume expands alongside liquidity depth. Higher volume without deeper order books may indicate concentrated activity rather than broad-based market participation.

Third, whether institutional adoption translates into actual XRP demand rather than simply increasing the amount of tokenized assets held on the ledger.

For additional market data, investors can follow the Evernorth XRP Liquidity Report, CoinDesk's XRP Ledger analysis, and 21Shares' XRP H1 2026 research

Is XRP Facing a Long-Term Liquidity Crisis?

Not necessarily.

The available evidence points to a mixed market environment rather than a straightforward collapse.

Retail-sensitive activity, new account creation, and the number of XRP trading pairs have weakened. At the same time, DEX trading volume increased year over year, order-book activity grew, and the value of assets held on the network expanded.

The more important concern is the gap between infrastructure growth and actual market participation.

If institutional products, stablecoins, and tokenized assets attract sustained capital and generate more trading activity, XRP could develop deeper liquidity over time.

If participation continues to decline while trading becomes increasingly concentrated, however, the market could remain vulnerable to volatility and sudden price movements.

Kesimpulannya: Penyertaan XRP yang merosot adalah tanda amaran, tetapi menggambarkan keseluruhan pasaran sebagai telah mencapai kecairan berbilang tahun dan paras terendah dalam jumlah transaksi akan mengelirukan. Pelabur harus membezakan antara aktiviti pengguna yang lebih lemah dan ukuran kecairan yang masih menunjukkan pertumbuhan.