u.today
As the wider market starts to tremble, $XRP is displaying signs of life. Ripple's native asset is holding close to its multi-month support range despite recent downward pressure, supported by an abrupt and notable spike in network activity. In comparison to the average daily transaction count over the previous month, $XRP Ledger processed over 1.34 million payments on June 14, representing a 50% increase.
This spike indicates renewed use of $XRP Ledger, which may be related to higher institutional or utility-driven volume. It is not merely a statistic to ignore. Price rebounds are typically preceded by spikes in on-chain transaction volume, particularly when they coincide with important technical zones. In terms of price action, $XRP is still tightly wound between its 50/100 EMAs (blue and orange) and its 200 EMA.
Buyers protecting the long-term trend line have so far absorbed every move made by bears trying to pull the asset below $2. This 200 EMA bounce is a crucial indication that demand is still there. Because $XRP is neither overbought nor oversold, the RSI is currently hovering around neutral, which is ideal for a directional breakout. This combination of low volatility compression and rising utility, which frequently precedes significant price movements, is a classic setup.
A retest of $2.60 and possibly $3.00 is not out of the question if $XRP breaks above the $2.32-$2.40 resistance cluster, particularly given that on-chain metrics are still improving. Traders should exercise caution though. Should this spike in payments prove to be a temporary occurrence and not last, $XRP could potentially experience another decline toward the $2.00 psychological support.
In summary: The price of $XRP has not yet fully responded to the utility spike, but if past trends are any indication, we might be witnessing the start of a bullish reversal that surprises the market.