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Both in terms of price action and on-chain activity, XRP is showing indications of a strong recovery, paving the way for a possible bullish breakout that might alter its short- to midterm course. The payment volume of XRP surged to 657 million tokens on April 22, one of the highest transaction volumes in weeks, according to new on-chain data. A significant increase in network usage and investor interest is usually indicated by this type of volume surge, which frequently occurs before significant price movements.
The increasing volume of account-to-account transfers indicates that XRP Ledger is once again heating up, most likely in connection with the general market rebound. From a technical perspective, XRP has effectively risen above the resistance level of $2.20, which also happened to be the upper limit of the descending price channel that had been holding XRP back for months.
This breakout is a structural change in momentum rather than merely a symbolic one. Reiterating the strength of this move, XRP has also risen above the 50-day and 100-day EMAs, currently trading above $2.27 and $2.24, respectively. Furthermore, this breakout's volume lends it more legitimacy. Increased buying pressure and bullish interest are suggested by the recent green candle that formed above both important moving averages, supporting the idea that XRP might be about to start a long-term trend reversal.
Arman ShirinyanWhile maintaining sufficient space before reaching overbought territory, the RSI indicators hover above 58, indicating growing bullish momentum. The combination of this technical configuration and the increase in transaction volume makes it abundantly evident that XRP is rapidly regaining its strength and that this could be the start.
The key area to keep an eye on in the near future is the $2.40-$2.50 zone, which corresponds to the descending trendline from earlier price peaks. If XRP is able to break through this barrier, the subsequent rally may push the asset back to its earlier highs of $3. To put it briefly, XRP's resurgence is happening now and is not just a theory.
Vladislav Sopov
Dan Burgin