Almost 500 Million XRP: XRP Ledger Records a Substantial Increase
Over the past 24 hours, XRP Ledger payment activity has significantly increased; however, the accompanying price action indicates that investors should exercise caution when interpreting this spike as a clear bullish signal. The network data provided indicates that the volume of XRP payments rose by 26% to roughly 462.9 million XRP.
Complicated situation
That amounts to more than $620 million in nominal value moving through payments at the current price of XRP, which is close to $1.34. There are conflicting network indicators. The number of accounts created rose by 8.8% to 2,300, while the number of active accounts increased by a meager 1.3% to 14,500.
As transaction fees increased by 8.5% to 277.4 XRP, XRP was burned. With 20,500 closed ledgers and an average ledger interval of 3.87 seconds, the ledger throughput itself stayed steady. However, the number of active users fell to 151,500, a 22.4% decrease.
This leads to a significant disparity: despite a decline in the overall number of users interacting with the network, significantly more XRP is being transferred through payments. Therefore, rather than reflecting a proportionate increase in overall adoption, the 26% increase in payment volume may be due to larger transactions or concentrated activity.
Can XRP hold it?
Another reason to be cautious is price action. After rising from below $1.00 to a peak close to $1.70 during the August breakout, XRP is currently trading around $1.34. Clearly, the initial momentum has decreased. XRP is currently testing a significant technical cluster after failing to maintain moves above the $1.40–$1.45 area on multiple occasions.
Another dynamic support level is located close to $1.335, and the long-term moving average is situated around $1.355. The next significant support around $1.245 would be revealed if this $1.33–$1.35 zone were lost. Additionally, momentum has waned.
