Glassnode: XRP fees fall 91.5% as on-chain demand drops

On June 9, 2026, blockchain analytics firm Glassnode published data showing the XRP ledger’s 90-day simple moving average (90D-SMA) of total network fees fell 91.5%, from about 5.9K XRP in February 2025 to roughly 0.5K XRP on June 9, 2026. The 90D-SMA averages fees paid over the prior 90 days to smooth short-term swings.

Glassnode’s post noted the fee peak occurred during a period of speculative activity in early 2025 and that fees have since declined sharply even as the token experienced earlier price strength.

The June 9 post read: “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.” The same entry added: “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 published earlier on-chain metrics in November 2025 that showed weakening market conditions before the June fee collapse. A Nov. 17, 2025 post reported that 58.5% of XRP supply was held in profit, the lowest share since November 2024. At the time XRP traded near $2.15, leaving about 41.5% of supply-approximately 26.5 billion XRP-held at a loss.

An additional Nov. 8, 2025 post showed realized profit volume rising from about $65 million per day to roughly $220 million per day while XRP’s price fell from $3.09 to $2.30. Glassnode described that pattern as investors locking in gains during a price decline.

The fee figures measure total fees paid across the ledger and exclude off-chain activity, custodial transfers and centralized exchange flows. Lower on-chain fees can result from fewer transactions, lower-value transfers or a shift of activity to custodial or layer-2 settlement solutions.

The data and posts cited by Glassnode outline the timing and scale of the decline in on-ledger fees and earlier indicators of reduced transaction activity.