XRP Ledger Records a Substantial Increase

Almost 500 Million XRP: XRP Ledger Records a Substantial Increase

Over the past 24 hours,$XRP Ledger payment activityhas 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 innominal value moving throughpayments 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 <a href="https://xpertsstudio.com/cathie-wood-sees-a-breakout/” title=”Cathie Wood Sees a Breakout”>breakout, $XRP is currently trading around $1.34. Clearly, theinitial momentumhas 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.

With a daily RSI of about 51 and a signal average of about 60, $XRP is approaching neutral territory. As a result, the 462.9 million $XRP figure indicates significant transactional activity, but it does not independently verify increased buying pressure.

As of right now, the market is still stuck in a post-rally correction, but network value transfer is growing more quickly than user activity.

Source: cryptonews.net