Transaction volumes on the XRP Ledger have experienced an extraordinary surge, with payment volume increasing by more than 1,300% in a single day to 4.11 billion XRP. On-chain payments jumped by approximately 117.41%, hitting a monthly peak of over 1.1 million transactions on June 9, marking the highest daily activity in more than a month. Despite this massive growth in transactional activity, XRP's price has remained relatively stable, trading in a narrow range between $2.21 and $2.32 with minimal price changes.
Analysts, including crypto influencer Dark Defender, project a potential price breakout above $2.33, supported by bullish technical indicators such as the Relative Strength Index (RSI), Exponential Moving Averages (EMAs), and Ichimoku Cloud patterns. Some targets have been suggested as high as $5.85 for XRP.
This spike in network usage is attributed to several possible factors: increased institutional buying, greater use of XRP for cross-border payments, internal rebalancing activities on exchanges, and growing optimism surrounding imminent XRP ETF approvals in the United States. The U.S. Securities and Exchange Commission (SEC) is expected to announce rulings on the Franklin Templeton XRP ETF by June 17 and ProShares’ application by June 25.
Market sentiment indicates an 87% likelihood of ETF approval based on prediction platforms, fueling investor enthusiasm. Meanwhile, Ripple continues to expand its ecosystem via international partnerships and acquisitions, enhancing XRP’s utility and adoption potential globally despite ongoing SEC legal proceedings.
The combination of increased transactional throughput and strategic ecosystem growth bolsters XRP's positioning as a utility-driven asset, potentially supporting further adoption and price appreciation following anticipated regulatory developments.