Recent days have seen significant price swings in XRP, drawing attention from analysts and traders alongside a surge in transaction activity.
Transaction Activity Surge
The sudden increase in transaction activity within the XRP network has caught the eye of investors. An impressive 11.7 million XRP payments were recorded in a single day, which could be attributed to increased institutional transactions or whale movements.
Impact on Technical Analysis
Despite the surge in activity, key resistance levels continue to challenge a potential market reversal for XRP. The activity may serve as a growth catalyst, but breaking past the 50 EMA and other key levels remains crucial.
Future of XRP
If XRP manages to hold above critical resistance levels and continue the growth in transaction volumes, it may lead to a bullish movement. Otherwise, the asset might continue its downward trend.
Despite positive on-chain signals, XRP is at a critical juncture, and the focus remains on critical resistance levels and the sustainability of transaction activity.
