XRP has recorded a substantial recovery, climbing above the $2.97 mark after dropping to $2.75. This comes amid increased network activity and transaction volumes.
XRP Price Recovery
XRP recorded a sharp 60% recovery from recent lows, rising on August 2 when the blockchain processed 1.35 billion XRP in payments in a single day, indicating a significant increase in on-chain activity.
Technical Indicators Indicate Stability
Following July's rally, the relative strength index (RSI) bounced off the neutral 50 mark, suggesting a healthy price reset. Volume charts showed increased trading activity, confirming buying interest in the market.
Changes in Recent Trends
In the second quarter, XRP's transaction volumes had remained relatively stable, making this spike a noticeable change. Market analysts suggest that this may indicate a reversal in network usage patterns in line with recent price momentum.
Despite the dramatic rebound, XRP has yet to overcome the resistance level of $3.20 to $3.40. Sustained higher highs and volume are required to ensure a broader breakout has occurred.