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XRP’s transaction count reached 2.77M, but price gains remain limited due to weak trading volume.
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The SEC dropping its case against Ripple provides positive momentum, but resistance at $3.00 remains a challenge.
According to a recent CNF update, XRP Climbed as Ripple’s Legal Standoff with SEC Reaches Final Stages, on March 19, XRP recorded a significant on-chain milestone, with transactions soaring to 2.77 million—the highest level in recent months.
This sharp increase in network activity suggests growing investor engagement and enhanced utility for XRP. While such spikes often indicate bullish sentiment, XRP’s price action has yet to reflect significant gains.
Despite the transaction surge, XRP’s price remains in a downtrend. Technical indicators suggest that XRP is consolidating within a descending wedge pattern—a formation that often precedes a breakout in either direction. Traders are closely watching whether this increased network activity will translate into upward price momentum.
Ripple’s Legal Victory and Its Market Impact
In another CNF report, one of the major events coinciding with XRP’s transaction spike is Ripple’s latest legal win. On March 19, Ripple CEO Brad Garlinghouseconfirmed that the U.S. Securities and Exchange Commission (SEC) dropped its remaining case against the company.
This development initially pushed XRP up by 10% to $2.51, but the gains were short-lived as traders took profits. While the legal clarity is a positive sign for Ripple, XRP still struggles to break above key resistance levels.
Trading Volume Decline Raises Concerns
A key concern for XRP is the declining trading volume, which has failed to match the surge in transaction count. A divergence between these two metrics often signals weak momentum, making it difficult for XRP to sustain a strong rally.
Analysts are closely monitoring the $2.95–$3.00 resistance zone and the $2.30 support level—critical points that could determine the token’s next major move.
To break out of its consolidation phase, XRP needs sustained on-chain activity coupled with higher trading volume. Without these factors, a strong comeback remains uncertain. Investors are watching for a decisive move above the 50 EMA, which could trigger further bullish momentum.
Bitcoin’s Influence on XRP
As with most altcoins, Bitcoin’s price action plays a crucial role in XRP’s trajectory. At the time of writing, Bitcoin is trading at $87,160, reflecting a 3.35% increase over the last 24 hours and a 4.29% increase over the past week.
Meanwhile, XRP is trading around $2.46, recovering by 3.11% in the past day and 4.95% over the past week. See XRP price chart below.
