- XRP Price was trading steady at $1.07, having recovered from the $1.04 level, and while buyers held support short term.
- Transaction volume on XRPL crossed 1.13 billion XRP, registering the highest one-day increase in a month.
- Mixed signals from technical indicators were observed along with resistance to the upside at higher levels.
The XRP Price was continuing its hold near the $1.07 mark after recovering from the fall overnight. The latest XRP Ledger numbers showed an unprecedented spike in the on-chain transactions. The number of network payments surpassed 1 billion XRP in one day, which is the biggest spike over the last month.
Despite an increase in ledger activities, technical indicators continued to reflect an unstable technical scenario, with XRP trading below multiple resistance levels but enjoying short-term support.
XRP was seen trading at $1.07 with gains of 1.46%.The cryptocurrency recovered after falling near $1.04 overnight, with buyers lifting the price above $1.08 before it settled near current levels.
On the four-hour chart, XRP traded close to $1.0766, slipping 0.14% during the latest session. The price continued to hover close to its 20-period moving average at $1.0715, showing that it had a stable momentum.
Technical highlights
- XRP held above the short-term support level despite the daily volatility.
- Following the recovery to above $1.08, consolidation occurred around the level of $1.07.
The Bollinger Bands set the upper bound at the level of $1.0939 and the lower bound at $1.0491 due to moderate volatility. On the other hand, the RSI indicator stood at 52.60, holding above the signal line at 44.14.
XRP Price Sees Resistance at Multiple Technical Levels
Even though the immediate trading environment had calmed down, there were still higher levels of resistance present.
These included the 100-day EMA at $1.0876 and the 200-day EMA at $1.1021.Fibonacci retracement analysis showed XRP holding above the 0.236 retracement level near $1.0720, while the 0.382 level around $1.0771 and the 0.5 retracement near $1.0848 represented nearby resistance areas.
Source: Trading View
Holding above the current support region may allow another test of higher retracement levels. Conversely, a move below $1.0720 would place attention on the recent swing lows established during the previous decline.
The broader daily chart continued to present a different picture from the shorter timeframe. The cryptocurrency XRP had stayed below its 50-day, 100-day, and 200-day exponential moving averages, signifying that the resistance levels for these periods were still unattained.
In addition, price action was below the lower line of the symmetrical triangle formation which had formed in the month of July. It revealed that the breakdown of this formation had not been reversed yet.
Largest Increase in Monthly XRPL Payment Volume
While prices were trading within the ranges, activity on the XRP Ledger has been growing rapidly.
XRPL Network Data revealed that payment volumes via ledger account surpassed 1.13 billion XRP within a single day. The figure more than doubled recent daily payment totals and represented the largest payment spike recorded during the previous month.
Network activity highlights
- Daily payment volume climbed above 1.13 billion XRP.
- The increase marked the strongest ledger payment activity in about one month.
The growth was mainly a result of increased XRP transfers through the ledger accounts. In contrast to exchange trade volumes, XRPL payment volumes represent transfers carried out within the blockchain network.
This growth was clearly indicative of high transaction volumes on the network. But just the volume numbers are not enough to define the nature of a transaction, i.e., whether it is related to purchases, sales, treasury activities, or just the transferring of funds within wallets.
Nevertheless, crossing the 1 billion mark was definitely one of the busiest days for ledger transactions in weeks, with comparatively low transaction volumes on the network.
Network Activity vs. Market Performance Send Different Signals
Although there was an increase in transactions via blockchain technology, the market price of XRP did not experience a breakout to match the level of transactions.
The RSI reading was maintained at 47 and showed the momentum was neutral without being overbought or oversold. The momentum showed that the price could increase or decrease depending on the future activity of buying or selling.
The divergence between payments and market prices persisted during the recent sessions. Although there were high numbers of transactions through the blockchain, the technicals continued to consolidate below the long-term moving averages.
FAQs
What is the current price of XRP?
The XRP coin was being traded at $1.07, making a gain of 1.46% in the past 24 hours.
What is the amount of XRP transacted on the XRP ledger?
The account-to-account payments amounted to over 1.13 billion XRP in just one day, representing the highest payment increase witnessed in the previous month.
What does the RSI signal about XRP?
The four-hour RSI was trading at 52.60, whereas the daily RSI held near 47.
