Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With daily payment volume surpassing 1.1 billion XRP, XRP Ledger activity has significantly increased. This could provide XRP with another essential component to support its attempt at a price recovery.
XRP's volume recovers
The XRP Ledger data provided indicates that in September, the payment volume was close to 1.16 billion XRP. The dashboard currently displays a significant increase over recent activity and rounds the most recent reading to 1.1 billion XRP.
To put things in perspective, the 30-day average is only 494.6 million XRP. This means that the most recent payment volume is more than twice the monthly average.
The increase is not solely related to the transferred value. Successful transactions rose by 11.2 percent to 1.5 million, while the overall XRPL dashboard displays 2.2 million transactions, up 23.9%. There were 757,400 payments, 18,700 active accounts (a 21.5 percent increase), and 24.1 percent more transactions per ledger.
One significant inconsistency is that the number of active users decreased by 17.3% to 155,300. As a result, the most recent data should not be taken at face value as a consistent surge in network adoption. A portion of the increase could be explained by larger or more frequent transfers among current participants.
However, the timing is intriguing for XRP's price. Following a severe rejection from the August rally, which momentarily pushed the asset toward $1.70, XRP is currently trading at about $1.32. More recently, XRP tested the $1.28–$1.30 range after falling from roughly $1.42. So far, buyers have protected that area, resulting in a slight recovery.
XRP faces considerable pressure
The short-term obstacle is located between $1.34 and $1.36, where XRP faces both recent resistance and the chart's long-term moving average. Reclaiming this zone could reopen $1.40–$1.45 and significantly improve the structure.
The $1.28 area remains crucial below the market. Additional moving-average support for XRP is concentrated between $1.24 and $1.27. The recovery strategy would be weakened and the asset would be vulnerable to another, more severe correction if this entire zone were lost.
Thus, the 1.1–1.2 billion XRP payment-volume reading comes at a good time. The combination of increased value transfer, increased transaction activity, and an attempted technical rebound gives XRP far more support than price action alone would imply, though it does not ensure a price reversal.
Dan Burgin
U.Today Editorial Team
