XRP has demonstrated remarkable network strength amid recent price volatility, achieving unprecedented on-chain milestones. On July 24, the XRP Ledger recorded 2.59 million transactions – its highest volume in three months – while later hitting an annual peak of 20.6 million transactions in a single day. This surge in activity underscores growing utility and user adoption despite price fluctuations.
Price analysis reveals XRP broke through the $3.00 resistance in July, peaking above $3.60 before correcting to $3.14. Crucially, the asset maintains a bullish technical structure, trading above all key moving averages (50, 100, and 200 EMA) with expanding volume confirming the rally's strength. The $2.99 level has solidified as critical support after transforming from prior resistance.
Parallel on-chain data shows explosive network growth, with over 11,000 new wallets created daily. July 17 specifically witnessed this record wallet creation coinciding with a 14.6% price surge, demonstrating the direct correlation between adoption metrics and valuation. Institutional involvement is increasingly driving this activity, with Ripple Labs' infrastructure facilitating cross-border settlements and institutional pipelines.
Analysts emphasize the significance of sustained transaction volume during price corrections, indicating fundamental demand beyond speculation. With the RSI cooling from overbought territory and institutional inflows continuing, technical and on-chain signals suggest potential for another bullish leg if support holds.