- Transaction volumes on the XRP Ledger skyrocketed by more than 1,300%, reaching 4.11 billion XRP.
- Analysts, including Dark Defender, project a potential breakout above $2.33 with bullish signals from RSI, exponential moving averages, and Ichimoku Clouds.
Ripple’s XRP has witnessed a humongous spike in blockchain activity, with the number of on-chain payments and the volume of transactions rising sharply, according to XRPScan data. In spite of the comparatively even price development over the past few days, XRP payments noted a steep 117.41% increase in the daily on-chain transactions.
The total number of payments processed on June 9 exceeded 1.1 million, marking the most transactions in a single day recorded in more than a month.
XRP Witnesses Major Surge In Payment Transactions
On the previous day, the total was about 500,000 payments, which illustrates the magnitude of the increase. In tandem with this, the payment volume on the XRP Ledger (XRPL) experienced an even greater increase, surging up by more than 1,300% over the course of a day.
Statistics indicate that the volume has shot up by 295.67 million to a mind-boggling 4.11 billion in the same time, showing an increase in network activity without the equal price volatility.
Although the XRP price action has been rather muted as of this surge in activity, it still remains strong at the $2.29 area. The token trades in a tight range between $2.21 and $2.32, showing a minor increase of 0.39% over the past day. Such subdued price changes can be contrasted with the growing transactional activity witnessed on-chain.
Meanwhile, crypto analysts stay bullish on XRP price. Popular analyst Dark Defender wrote on X, “XRP is on the verge of a breakout in the daily time frame. We will see great moves above $2.33 candle closes! RSI is Bullish. Exponential Moving Averages are Bullish! Ichimoku Clouds, expected to turn Bullish.” He has previously offered targets as high as $5.85 for XRP price.
Potential Reasons Behind High On-Chain Activity
The reason why XRP payment activity has dramatically increased is unclear. Nonetheless, analysts and market participants indicate some potential factors like institutional buying, an increase in usage to cross-border transfers or internal rebalancing on the exchanges could be the reason. This activity is timed with the wider happenings in the crypto ecosystem, such as the potential approval of spot XRP ETFs.
Among these developments that have attracted some level of speculation is the speculation over the approval of spot XRP ETFs in the United States. The SEC is expected to announce its verdict on the Franklin Templeton XRP ETF product by June 17, and on ProShares application by June 25. Industry experts now put the likelihood of success at 87%, which has been increasing alongside the XRP on-chain activity.
Meanwhile, Ripple is gaining further international foothold, although it is experiencing legal trouble in the U.S. as the SEC lawsuit is yet to conclude. The company has made several acquisitions and infrastructure improvements to increase the use of XRP in the worldwide payments infrastructure. Since the XRPL supports the increasing transactional throughput, the network’s abilities in regards to high volume capacities are also receiving a renewed focus.
