XRP Ledger has reached a significant milestone in transaction volume, drawing attention to XRP and sparking speculation about future prices.
Record Transaction Volume
On June 19, XRP Ledger recorded an all-time high in daily transaction volume, processing over 1.2 million transactions in a single day. This sharp increase in activity is a crucial on-chain signal that may indicate the onset of long-term price revival for XRP.
Current Market Signals
The price chart shows cautious optimism. XRP has been moving in a symmetrical triangle for weeks, which typically denotes a buildup prior to a breakout. Recent price movements suggest buyer interest at support levels as XRP bounces off the lower boundary of this triangle.
Prospects and Technical Levels
The $2.24-$2.27 range, where prior local highs and moving averages converge, remains a resistance level for the asset. The relationship between possible market recovery and increased on-chain transaction volume is particularly noteworthy. The presence of institutional players suggests that this setup is not necessarily bearish. Investors should closely monitor the 200-day moving average and symmetrical triangle boundaries as XRP approaches important technical and fundamental pivot points.
If XRP can maintain a high rate of network usage, it may serve as the foundation for an upcoming rally. A breakout above $2.27 could confirm bullish continuation, while a fall below the $2.09 support may indicate a short-term reversal.
