XRP: 1,727,602,016 In 24 Hours, Enormous Skyrocket

One of XRP's most aggressive short-term rallies was just recorded, supported by a significant increase in on-chain activity in addition to technical momentum. The most recent data on payment volume shows that on July 18, XRP recorded over $1.07 billion in transfers between accounts, the most in over a month.

This suggests that the ecosystem is moving deeply and that investor confidence has returned. XRP is exploding in terms of price. The asset saw a nearly 50% run in less than three weeks, rising from less than $2.40 in early July to over $3.60. It turned all of the major resistance levels: $2.39, $2.68 and most recently $2.80, into support zones by blasting through them.

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XRP/USDT Chart by TradingView

Given that the RSI is above 84 and getting close to overbought territory, a brief cooling down may be imminent. But the recent spike in transaction volume raises the possibility that this isn't merely a speculative break. All three major moving averages support the technical picture's strong upward momentum: The price is well above the 50, 100 and 200-day lines, which are curling up.

The recent high of about $3.64 is the most important level to monitor in the near future. The road to the psychological barrier of $4.00 would become accessible with a verified breakout above this. Watch for rebounds at $2.80 and $2.39, which were both previously resistance levels and could now serve as demand zones if a correction begins.

The surge in on-chain payment volume might be seen as a sign of a wider change in the network's usage, or as institutional positioning or a rush of utility-driven movement within XRP Ledger. Medium-term rallies or at least persistent price action have historically followed spikes in payment volume of this magnitude, especially if the trend continues.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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