1,289,000 XRP in 24 Hours: Great Bullish Sign for Price

XRP Ledger has seen 1,289,000 successful transactions in the past day, which is a notable increase over recent averages. Stronger market sentiment may be established in the medium term as a result of this increase in network activity. Such activity in the past has frequently indicated greater utility and deeper adoption, both of which may eventually aid in price recovery.

Nevertheless, in the short term the price chart presents a different picture. After a steady decline from the July peak near $3.80, XRP/USDT is currently consolidating at $2.83 on Binance. The asset is positioned between the 200-day moving average, which continues to be a longer-term support base, and the 50-day moving average, which is trending lower.

• Technically speaking, there are a number of important price levels to keep an eye on. Orange line $2.77: This area has served as short-term support. If lost, XRP might soon return to the 200-day MA’s stronger support level at $2.57.
• Bulls must reclaim the local resistance at $2.91 (green line) in order to make a significant short-term recovery. Maintaining above this point would reduce the pressure to sell.
• The 50-day MA is aligned with a heavier resistance cluster between $3.05 and $3.10. A break above it would indicate that the bullish momentum has returned.

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Volume trends also show low interest, with daily activity dropping since mid-August, indicating that speculative spot trading is still cautious even though on-chain transaction counts are high. The RSI, which is currently at 45, is slightly below neutral territory and reflects this hesitancy.

While the spike in XRP transactions is a bullish fundamental signal, the short-term price action is still susceptible. To determine whether XRP consolidates further or starts to gain momentum for another leg upward, traders should monitor the $2.91 resistance and the $2.77 support. XRP may eventually test the $3.10 level once more if the market responds favorably to the strength of the underlying network.