The XRP Ledger recorded 1,289,000 successful transactions in a 24-hour period, marking a significant increase over recent averages and suggesting stronger network utility. Historically, such spikes in on-chain activity have correlated with increased adoption and medium-term bullish sentiment.
However, XRP's price action tells a contrasting story. After peaking near $3.80 in July, XRP/USDT is consolidating at $2.83 on Binance, trapped between the 200-day moving average (support at $2.57) and the declining 50-day MA. Key technical levels include short-term support at $2.77 and resistance at $2.91. A break above $2.91 could signal recovery, while a drop below $2.77 may test the 200-day MA.
Analyst Ali Martinez warns that rejection at $2.90 could push XRP toward $2.70, while CRYPTOWZRD emphasizes the need for bullish momentum in the XRP/BTC pair to trigger an upward move. The RSI at 45 reflects market hesitancy, and low trading volume since mid-August indicates cautious speculative interest despite high on-chain activity.
