Recent on-chain data for the XRP Ledger has painted a conflicting picture of network health, as a sharp decline in transaction fee burning was followed by a significant surge in overall ledger activity. According to analytics platform CryptoQuant, the amount of XRP burned as fees dropped 34.97% within a 24-hour period, from 755 XRP on May 29 to just 491 XRP on May 30. This metric, which indirectly reflects network demand and scarcity, suggested a potential cooling in usage amid broader market volatility.
However, a day later, fresh figures revealed that XRPL activity jumped by 36.4%, one of the largest single-day increases in weeks. The rise indicates that user engagement and transaction throughput are still expanding, even though XRP’s price action remains subdued. The asset was trading around $1.34 at the time of writing, down 0.79% over the previous 24 hours, having earlier tested the $1.20 support level before rebounding.
Technical analysis shows XRP is trapped in a descending triangle pattern, with the $1.30 level acting as a critical support defense for bulls. The Relative Strength Index (RSI) sits at a neutral 43, suggesting selling pressure is fading near support but buyers have not yet taken decisive control. The 50-day and 100-day moving averages are acting as overhead resistance, while the 200-day moving average remains far above, indicating the broader trend has not fully recovered from the correction that began after the asset’s cycle peak above $2 earlier this year.
Market observers are cautiously optimistic that the combination of stabilizing price, rising ledger activity, and reduced sell-side momentum could set the stage for a breakout. “The sharp decline in XRP’s burn rate coinciding with a modest price increase is flashing mixed signals. Analysts believe the asset may be preparing for a major price recovery if momentum builds,” read a commentary from U.Today. If the $1.30 support holds and on-chain fundamentals continue to strengthen, XRP could target a move higher, though near-term headwinds remain.
