Summary XRP Ledger payment volume surged 153.9% to 363.3 million XRP, reflecting renewed network activity alongside the cryptocurrency’s recent price recovery. Despite increased transactions,
XRP Ledger payment volume surged 153.9% to 363.3 million XRP, reflecting renewed network activity alongside the cryptocurrency’s recent price recovery.
Despite increased transactions, payment volume remains below its 680.4 million XRP monthly average and previous peaks exceeding 2 billion XRP.
XRP recovered from $1.31 to $1.36, with buyers defending $1.34 support as resistance between $1.38 and $1.40 remains critical.
XRP Ledger recorded a 153.9% increase in payment volume within 24 hours, coinciding with XRP’s recovery from $1.31. According to XRPScan data, payment volume reached 363.3 million XRP, while XRP traded near $1.36 as buyers defended support around $1.34.
Despite the substantial increase, XRP Ledger’s payment volume remains below its 30-day average of 680.4 million XRP. The latest increase reflects a recovery from unusually weak activity rather than a sustained expansion in network transactions.
Also Read: Bitcoin Exchange Reserves Drop 130,000 BTC as Analyst Signals Potential Supply Squeeze
Historical data shows that XRP Ledger frequently experiences significant fluctuations in payment volume throughout different market conditions. Notably, November recorded approximately 2.5 billion XRP in payments, while February registered a higher reading of 2.7 billion XRP.
September also experienced increased activity, with payment volume reaching approximately 1.9 billion XRP during one notable session. These figures remain considerably higher than the latest reading, while the network’s historical peak stands near 7 billion XRP. Consequently, the latest recovery represents improving transaction activity without matching the network’s previous periods of elevated usage.
Meanwhile, XRP’s price recovery coincided with renewed buying activity around the $1.34 moving average, which provided immediate support. TradingView data shows XRP rebounding from $1.31 toward $1.36, following its decline from approximately $1.65 in late September.
The Relative Strength Index remains near 40, indicating weak momentum despite the cryptocurrency’s recovery from its recent low. Additionally, trading volume has decreased during October, suggesting limited participation across recent market sessions.
Source: TradingView
The immediate resistance range stands between $1.38 and $1.40, where moving averages could influence further price movement. A sustained close above this range could expose $1.45, followed by another resistance level near $1.50.
Conversely, renewed selling pressure could push XRP toward $1.31, placing its recent recovery under pressure. XRP Ledger’s payment volume recovery coincides with improving price performance, although transaction activity remains below historical averages. Sustained network growth and stronger buying activity would provide clearer confirmation of broader market recovery.
Also Read: South Korea Blocks 27 Crypto Exchange Websites, Including KuCoin, MEXC and BingX
The post XRP Ledger Payment Volume Surges 153.9% as XRP Price Rebounds From $1.31 appeared first on 36Crypto.
