XRP rose 6.57% to $2.72. A significant increase in on-chain activity coincides with this price increase as the volume of XRP payments soars to 845 million. Now the question is whether this surge is a temporary anomaly or an indication of ongoing bullish momentum.
With XRP breaking through important moving averages, the recent price action demonstrates a robust recovery from the $2.20 support level. A rise in trading volume has coincided with the price increase, suggesting that market players are actively acquiring the asset. A move toward $3.00 may be imminent if XRP can overcome the next significant resistance level, which is located at $2.85.
With 845 million XRP moved between accounts, XRP Ledger shows a significant increase in payment volume. An increase in on-chain activity of this nature frequently indicates institutional or whale movement, which could indicate a number of things.
If the accumulation from major players is driving these transactions, XRP may be preparing for another surge. A rise in the volume of payments could also indicate that XRP is becoming more widely used for international transactions. The price impact may be negligible if the increase in payments is mostly the result of internal fund reorganization.
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XRP might find it difficult to continue its upward trajectory in the absence of consistent buying pressure. Although XRP needs to maintain above $2.16 to validate its strength, the short-term outlook is still cautiously optimistic. Price retracements below $2.50 could signal the start of another consolidation phase if momentum wanes.
XRP’s volatility might see a surge in upcoming weeks, especially if intitutional interest follows. Traders might see a substantial volume and resistance levels surge as XRP’s long-term potential is reaching the majority of investors.
Source: https://u.today/xrp-845-million-surge-somethings-brewing