In the past 24 hours, the XRP network experienced a significant number of transactions, yet the overall payment volume decreased notably. This raises questions about market status and participant activity.
Observed Transaction Data
In the last 24 hours, a total of 1,501,797 transactions were recorded on the XRP network. Despite the substantial increase in transaction counts, the total payment volume fell sharply to 193 million XRP. This indicates a rise in network activity, although the average transaction size is diminishing.
Current Market Situation
XRP's price witnessed a rally earlier in the month and currently hovers around $3.10, finding support near the 26 EMA. The price action shows an ascending trendline that is steep and may easily break under increasing selling pressure. The lack of significant settlement flows continues to suppress exchange volume.
Outlook and Possible Scenarios
According to the daily analysis, key resistance levels are identified at $3.25 and $3.40. A decline below $3.00 could lead to testing $2.89 and possibly $2.71, marking a structural support level from July. The declining payment volume may suggest insufficient market confidence, complicating prospects for price growth.
The situation on the XRP market highlights a discrepancy between transaction numbers and payment volumes. This may reflect changes in market activity and participant sentiment, warranting careful observation.
