The XRP Ledger has achieved an impressive milestone by processing approximately 1.83 million payments within a 24-hour period on June 22, 2025, marking a new high in network activity. This surge in transaction volume underscores XRP’s continued utility and adoption despite its current price weakness.
On-chain data reveals a discrepancy between XRP's technical price indicators and its fundamental usage: Although XRP’s price has fallen below key support levels such as the psychologically important $2 mark and its 200-day exponential moving average (EMA), the ledger’s transaction activity remains robust. The price action reflects bearish momentum, confirmed by a Relative Strength Index (RSI) falling into oversold territory and a recent breakdown from a symmetrical triangle pattern, hinting at declining investor confidence and a potential continued downturn in price.
In contrast, network fundamentals indicate growing peer-to-peer transfer volume and real transactional use, signaling utility-driven demand rather than speculative hype. This high level of actual transaction flow could provide a solid foundation for eventual price recovery if market sentiment aligns with these fundamentals over time.
Similar strong on-chain activity was observed earlier on June 21, when more than 1.5 million payments were processed, breaking a four-month record for XRP. Despite the ongoing bearish price trend and weak buying pressure at present support levels, the increase in on-chain activity represents a positive signal for the network’s health and adoption.
Market participants are advised to watch whether this on-chain strength will translate into price support within the $1.95-$2.00 range. The current divergence between price suffering technical breakdown and the ledger's record transaction volumes suggests that this gap may not persist indefinitely, and XRP could regain bullish momentum if the usage trend continues.