Network activity on the XRP Ledger (XRPL) has reached significant milestones, with payment transactions now accounting for 53% of all activity and the token burn rate surging by 313% in a single day. Analysis of 5,000 XRPL blocks revealed that over one million sampled transactions showed 53.2% were payment-related, with the Ripple USD (RLUSD) stablecoin emerging as dominant, accounting for 92,699 transfers. Decentralized exchange (DEX) activity via OfferCreate transactions ranked second at 34.2%, underscoring growing DeFi usage alongside payments.
This data coincides with Ripple Payments separately crossing $100 billion in total volume and RLUSD surpassing a $1 billion market capitalization. Concurrently, the XRP burn rate spiked to 2,491 tokens on March 19, a sharp increase from 602 tokens the day prior. This surge is directly linked to heightened transaction fees from increased network demand, permanently removing XRP from circulation and applying supply pressure.
Despite these strong on-chain fundamentals, XRP's price has shown limited movement, hovering around $1.44 with only a marginal 0.06% gain. This divergence highlights a cautious market sentiment that continues to weigh on short-term valuation, even as network metrics signal strength. The number of addresses holding at least 100,000 XRP also increased to 32,054, indicating sustained accumulation by larger holders.
Analysts remain divided on the price outlook. One noted analyst suggests watching for a Wave 2/5 retrace targeting resistance at $1.51, with a potential correction that could trap bulls. Further targets include a double bottom at $1.12 and macro support at $0.87, indicating XRP could experience a dip before a potential rise, a pattern some also expect for Bitcoin.
