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2,354,308 XRP in 24 Hours Shows Bullish Market Structure

Thu, 22/01/2026 - 11:48
XRP is showing an on-chain structure that resembles a bullish market.
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2,354,308 XRP in 24 Hours Shows Bullish Market Structure
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Price action and on-chain fundamentals are clearly diverging on XRP, and this difference is more significant than short-term candles. Activity on the XRP Ledger is accelerating despite pressure on the market in general, and XRP's price is declining toward the lower end of its recent range.

Metrics take dive 

More than 2.35 million transactions were completed on the XRP Ledger in the past day, and successful transaction metrics and payment counts have continued to be high. While payment volume exhibits recurring spikes rather than a structural decline, the number of payments between accounts has been steadily hovering around the upper end of its annual range. 

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XRP/USDT Chart by TradingView

A market getting ready for a decline typically does not have those kind of on-chain profiles. This is significant from the standpoint of market structure since price weakness caused by macro sentiment or ETF-related flows is typically transient when the underlying network activity is still robust. Instead of speculative noise, the ledger metrics for XRP indicate consistent real usage. 

XRP Ledger's picture

In addition to being frequent, transactions are consistently successful, indicating steady network demand as opposed to stress-induced churn. Technically, XRP's price is still below important moving averages, which restricts short-term upside acceleration. Nonetheless, it is a positive indication that activity did not collapse during this pullback.

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In the past, when XRP's on-chain metrics remained high while the price declined, the outcome was not trend failure but rather consolidation followed by impulsive continuation. The payment's actual structure is another crucial element. Instead of transient arbitrage or wash activity, the consistent flow of account-to-account transfers suggests continuous utility-driven usage. 

Even if it does not result in immediate rallies, that type of demand usually forms a base under the price. The simple lesson for investors is that XRP's current weakness appears to be more of a corrective pause than a breakdown. The price is likely to first stabilize and then try to recover once broader market pressure subsides if transaction counts and payment volumes remain above historical averages. 

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To put it briefly, XRP is acting like a bullish asset trapped in a bearish market. The next course of action is more likely to be continuation than capitulation if that disconnect is resolved in favor of fundamentals.

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