As the bullish momentum witnessed across the broader crypto market continues to soar, XRP payment volume has surged massively from over 300 million to over 824 million in just one day, according to the latest data from XRPSCAN.
While this comes amid a notable rally in the price of XRP, it suggests that XRP bulls are now active, indicating a significant surge in the token’s network activity. Notably, a total of 824,473,127 XRP were moved for payment activity on the XRP Ledger on May 7.
Recent price movements have seen XRP recover from its previous losses, breaking past the $2.21 resistance level witnessed over the last week.
The token is currently trading at $2.31, a notable increase of 9.38% in its price since the last 24 hours, according to data from CoinMarketCap.
XRP bulls return
The sharp increase in XRP’s payment volume on XRPL shows a massive rise in XRPL usage as investor confidence grows to new levels amid renewed interest in the cryptocurrency.
While payment volume is not always a direct indicator of price performance, this notable increase in XRP’s on-chain activity has been accompanied by significant price uptrends.
Although the exact cause of the payment volume spike is uncertain, such increases are typically triggered by high transaction activity, either from buyers or sellers.
However, in this case, the sharp spike appears to have been spurred by increased buying activity, not selling pressure.
This is evident in the token’s significant price surge, along with notable increases in trading volume and total market capitalization, which reflect 13.28% and 9.20% uptrends respectively.
In addition, data shows that the number of active accounts on the XRP Ledger has surged to around 20,000, suggesting that a large number of bulls are actively buying, fueling XRP upward trajectory.
While this metric provides a clue into XRP’s future potential, it also supports a bullish outlook for the token’s long-term prospects. As such, investor confidence in the sustainability of XRP’s bullish momentum has been bolstered.
Vladislav Sopov