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In terms of market movement as well as on-chain activity, XRP is displaying signs of resurgence. The network has previously recorded over 800 million daily transactions, a remarkable number that confirms its importance in the global remittance and payment landscape. The given payment volume data demonstrates that the recent spike in XRP's blockchain activity is more than a random occurrence.
The volume of XRP's on-chain transactions increased several times between May 9 and June 9, reaching close to half a billion dollars on several occasions. The subsequent sharp decline could appear to be a cool-off, but for high-velocity assets like XRP, such volume compression frequently comes before an explosive rebound.
According to the market chart, XRP recently broke through a level of descending resistance, which is a technical move that can spur additional upward movement. The idea that bulls are not done yet has been strengthened by the price's confident bounce from the 200 EMA. Constructive momentum is building as XRP trades above the $2.20 mark and tests the resistance band between $2.26 and $2.30.
Growing buying interest is indicated by the RSI rising out of neutral territory and volume indicators turning upward. There is a strong chance that XRP will retest the 800 million on-chain volume threshold because of this technical and on-chain convergence. A marketwide reevaluation of XRP's usefulness and value could result from such a resurgence, which would indicate actual demand and usage rather than just noise.
XRP is exhibiting indications of a multi-layered resurgence rather than merely rising. There is a greater chance of a push toward $2.70 and possibly higher if payment volumes increase once more and price action stays above the 200 EMA. If the asset continues to have this dual traction on the market and on-chain, the $800 million milestone might not only be reached again but exceeded.
Vladislav Sopov
U.Today Editorial Team