Payment volume on XRP Ledger surged by 2,633.3% in 24 hours

XRP Ledger (XRPL) recorded a sharp increase in payment volume by 2,633.3% over the past 24 hours. The transaction volume reached approximately 137.7 million XRP, a significant rise compared to previous days when activity was extremely low. This indicator signals a recovery in the network.

Despite the sharp increase, the current payment volume remains below the 30-day average of around 496 million XRP. Historical data shows that the network previously reached a record payment volume of about 7 billion XRP. Over the past year, activity in XRPL has been characterized by significant volatility, with volumes exceeding 1 billion XRP several times. However, the growth in transaction volume does not necessarily indicate increasing demand from investors. Significant transfers between accounts, movements related to exchanges, and institutional settlements can also cause sharp fluctuations.

The increase in network activity did not lead to an immediate recovery in the market value of XRP. According to TradingView data as of October 26, the asset is trading around $1.2879 after a period of sustained seller pressure. The cryptocurrency remains below several important moving averages, indicating a prevailing bearish momentum in the short-term technical structure. After reaching around $1.58 in September, XRP turned downward and broke through several key support levels. The Relative Strength Index (RSI) also remains below the neutral level of 50, indicating extremely weak buying momentum.