Amid the positive crypto market trend, the XRP network activity appears to be moving on a flat rate as it has barely shown any noticeable increase over the last day.
On Tuesday Jan 13, the amount of XRP burned as fees has only surged by a mild 3.79% over the last 24 hours according to data provided by XRPScan.
The data further shows that a total of 465 XRP has been burned as fees today, a decent increase from the 448 burned in the previous day.
This decent surge in the asset’s burn activity has come as XRP appears to be on track for a major comeback as its price shows a decent daily gain after multiple days of staying in the red.
XRP up for a major rally?
This decent slowdown in the XRP burn activity highlights an overall downtrend in XRP’s on-chain movements, suggesting that the demand for the asset for payments has shown no impressive growth over the last day.
Even though XRP’s price is beginning to move on the bullish trail, it is quite difficult to predict XRP’s next price move with this metric as it does not pose any major or immediate impact on the asset’s potential price movement.
With these contrasting metrics, it appears that the asset has turned bullish amid the sudden shift in investors sentiments, suggesting renewed optimism among holders.
Amid this decent price surge, XRP has reclaimed the $2.10 level and traders are optimistic that it might be headed for the long anticipated $3 target.
Although the growth in XRP’s burn rate over the last day was slow, the mild increase still suggests that demand for XRP is currently on the rise while its supply has continued to shrink, posing its price for a major rally.
Caroline Amosun
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev