On March 3, 2025, XRP's transfer volume hit $5.37 billion, showcasing significant market activity. Traders are watching the key $2 support closely.
Massive Spike in On-Chain Transactions
The chart reveals that XRP’s transfer volume remained relatively stable between $1 billion and $3 billion from February 15 to February 29. However, a sudden surge above $4.5 billion occurred on March 1, followed by an even larger spike beyond $5.3 billion on March 3. This movement suggests a notable increase in network usage, possibly driven by institutional transactions or large wallet movements. Despite the significant rise in volume, XRP’s price has struggled to hold above $2.40, indicating that while activity has increased, immediate price expansion remains uncertain.
Price Action Remains in Focus
XRP’s price has been fluctuating between $1.95 and $3.00, with strong resistance forming near the upper range. The black trendline in the chart highlights a declining pattern from February 15 to February 26, where XRP's price trended lower before rebounding at the start of March. The key support level remains at $2.00, and as noted in social media discussions, breaking below this threshold could signal a bearish shift. If support holds, XRP could attempt another push toward the $3.00 mark. However, failure to maintain $2.00 may open the door for deeper corrections.
Market Sentiment and Next Steps
Different opinions are being shared on social media, with traders pondering whether the price of XRP would actually drop to $1.00 or if it would continue on a bullish run. Refuting fears of the price drop, one analyst said that as long as support areas around $2.00 hold, the outlook remains positive. The surge in transfer volume indicates heightened market interest; however, price action will depend on the ability of buyers to hold on to the recent momentum. For XRP, which is currently trading near key levels, the price action for the next few sessions will indicate whether the transfer spike leads to sustainable bullish momentum or is simply a temporary liquidity event.
The spike in XRP's transfer volume has drawn the attention of market participants, being central to discussions on support levels and future price movements.
