After trading extremely low with the price retesting low levels seen in 2023, XRP is back with a massive price resurgence, which has also seen its network activity skyrocket.
Amid the broad crypto market resurgence that has seen leading cryptocurrencies, including Bitcoin and XRP, show insane price increases over the last day, the XRP burn rate has also surged by over 67% in just a few days.
According to data from on-chain analytics platform CryptoQuant, the amount of XRP burned as fees over the last day has reached a massive 939 XRP on Feb. 6, a substantial increase from the 523 XRP it recorded just about three days ago.
Following the rapid surge in the XRP burn metric, the amount of XRP burned as fees over the last day has soared to levels not seen since 2026 began.
XRP makes insane price comeback
While the massive increase in the XRP burn rate is largely attributed to the sudden shift in investor sentiment seen across the broad crypto market, which has sparked significant price increases for major cryptocurrencies, XRP has recorded a massive price increase over the last day.
As such, XRP has seen an insane resurgence in its trading price since the past two days, where it recorded daily price increases of over 15%. While momentum appears to be cooling already, XRP is currently showing an increase of 3.43% over the last day while trading at $1.40 as of writing time, according to data from CoinMarketCap.
Following the rapid increase in the price of XRP, the coinciding increase in the XRP burn metric suggests that traders are no longer willing to sell and the demand for the asset has skyrocketed over the period.
Despite the dramatic price comeback, XRP is still far from reclaiming levels seen earlier this year. Thus, market watchers are optimistic that the rising network activity could drive further increases for the price of the asset.
Tomiwabold Olajide
Caroline Amosun
Godfrey Benjamin
Gamza Khanzadaev