Amid overall market instability, XRP is showing signs of life, supported by rising network activity and multi-month support levels.
Increase in Transaction Activity on XRP Ledger
On June 14, XRP Ledger processed over 1.34 million payments, marking a 50% increase compared to the monthly average. This spike may be linked to higher institutional activity or utility-driven demand.
Technical Analysis and Demand for XRP
XRP remains tightly wound between the 50/100 EMAs and the 200 EMA. This situation indicates buyers are protecting long-term trends by absorbing bearish moves. The RSI is currently hovering around neutral, providing optimal conditions for a potential breakout.
Price Prospects for XRP
If XRP breaks above the $2.32-$2.40 resistance cluster, a retest of $2.60 and possibly $3.00 is expected. However, caution is advised, as this recent activity could also prove temporary, potentially leading to a decline toward the psychological support at $2.00.
The price of XRP has not yet fully responded to the utility spike, but past trends may indicate the beginning of a bullish reversal that surprises the market.
