币界网报道：XRP has recently been trading within a large symmetrical triangle pattern – a pattern that has formed since the explosive upside in late 2024. In fact, the price appears to be forming higher lows and lower highs, tightly coiling towards the apex of the structure. As Taker Buy Volume Remains Dominant, Are Bulls Quietly Accumulating? Despite XRP’s stagnant price action, the 90-day Spot Taker CVD shows continued Taker Buy Dominance – a sign that market buyers have been actively intervening. This also suggests that participants have been anticipating the breakout and may be willing to accumulate in anticipation of a strong move. However, this speculative buyer activity appears to be in stark contrast to the decline in on-chain metrics, creating a mismatch between market confidence and blockchain usage. Nonetheless, the persistence of Taker Buy Volume could support short-term price stability and provide a foundation for any explosive upside on the upside breakout of the triangle pattern. Why is XRP’s network activity collapsing amid rising bullish sentiment? XRP’s transaction count dropped sharply to 383,000, marking one of its lowest daily values since March. Additionally, network growth also fell to just 892, reflecting lower adoption and falling interest from new users. This decline in organic activity is concerning, especially as bullish sentiment across the market rises. In short, while traders may be betting on an upside breakout, the underlying network health appears to be deteriorating. If this trend continues, it could undermine the sustainability of any upward price movement driven purely by speculation rather than user demand. Is XRP Overvalued? NVT Ratio Spikes Concerns About Utility. The NVT Ratio, which compares market cap to daily transaction volume, surged to an extreme level of 4,510. Such a sharp spike suggests that valuations have outpaced actual on-chain utility, raising questions about XRP's fundamental value. When the NVT ratio climbs this high, it usually means that investor speculation has driven the price beyond its use. This often creates a dangerous imbalance. Unless transaction volume rises in tandem, XRP could face pressure from its overvalued valuation. Especially as investors reassess its actual application versus its price at launch. Can rising scarcity support XRP's price despite weak demand? The Stock-to-Flow ratio has also risen, indicating increased scarcity as new supply enters the market at a slower pace. This dynamic generally supports long-term price appreciation. However, in the case of XRP, the scarcity narrative is not matched by growing demand or utility. Therefore, this imbalance will only be sustainable if network activity rebounds or institutional demand materializes. Until then, scarcity alone may not be enough to push XRP higher. If fundamentals do not begin to catch up with speculative valuations, prices may remain volatile. Will XRP's compression end with a bullish breakout? XRP's long-term triangle pattern and rising buyer volume mean that a major breakout could occur soon. However, on-chain weakness poses a severe challenge to a sustainable rally. The next few weeks will be decisive. If the price breaks out of the triangle on strong volume and on-chain indicators begin to recover, XRP could indeed reach its medium-term target. Otherwise, the breakout may prove short-lived.