Is XRP quietly making big moves? On-chain prices have surged while remaining stable
Have you noticed, friends? This veteran of "cross-border payments" in the crypto world has been quietly making moves lately! On October 30, nearly 9,900 new accounts were created in just one day, directly doubling the usual number, equivalent to a sudden influx of new players; by November 1, it got even crazier, with the payment transaction volume between accounts breaking 1 million, totaling 1.2 billion XRP, making the on-chain activity as lively as a festival market.
But the most magical part is here — while the trading volume was about to explode, the XRP price remained stable at $2.52, struggling to break through the $2.70 to $2.80 mark. It later dawned on us that this range is actually the "double blockade line" of the 100-day and 200-day moving averages, and to break through, one must first gather enough strength. However, this wave of excitement is not aimless; after all, the lawsuit between Ripple and the SEC has long been settled, and now the seven major spot ETF applications are waiting for approval. Institutions might be testing the payment system while retail investors are joining in the hype.
Speaking of XRP, it does have its strengths, thanks to its advantages of near-instant settlement and low transaction fees, with the ODL business having processed $1.3 trillion already. Institutions have quietly increased their positions. But while the excitement is there, let's not get carried away: it’s like the commotion before a concert starts; whether new accounts can be retained and whether liquidity can keep up is the key to whether the "concert" can actually begin.
So those watching the show shouldn’t rush in, and those holding shouldn't complain about slow gains. Right now, this is in "power-up mode"; when it eventually breaks through the moving average resistance, it might just be a different scene. But remember, in the crypto world, "quietly making big moves" can also hide the risk of "quietly hitting the brakes"; keep a close eye on your wallet ~$BTC