XRP price climbed above $2.97 after rebounding from $2.75, supported by strong buying volume and technical support levels.
On-chain transactions surged to 1.35 billion XRP in a single day, marking a notable shift in network activity.
Market indicators show accumulation trends, with RSI holding firm and 26 EMA providing consistent support during the rally.
XRP recorded a sharp 60% price recovery from its recent lows, supported by a notable surge in network transactions. On August 2, the blockchain processed 1.35 billion XRP in payments in just one day, marking a significant increase in on-chain activity.
The price rose from $2.75 to above $2.97, showing a clear reversal from previous declines. The 26-day exponential moving average provided a solid base, acting as a technical support level that traders have relied on during the recent uptrend.
Technical Indicators Point to Stability
After July’s rally, the relative strength index bounced off the neutral 50 mark, suggesting a healthy price reset. Volume charts showed green candles accompanied by higher trading activity, indicating accumulation and buying interest in the market.
The 1.35 billion XRP transferred in a single day signals more than large holder or exchange movement. It reflects a wider demand for transactions, potentially forming the groundwork for sustained growth if activity levels remain consistent.
Change from Recent Trends
In the second quarter, XRP’s transaction volumes had been relatively flat, making this spike a noticeable shift. Market analysts note that this could indicate a reversal in network usage patterns, aligning with the recent price momentum.
In spite of the dramatic rebound, XRP is yet to overcome the resistance at the level of $3.20 to $3.40. Sustained higher highs and higher volume is required to make sure that a broader break-out has occurred.
The technical support, flat RSI, and an increase in transaction volume hold the vision of a structural improvement in the market position of XRP. Further on-chain activity would improve the fundamental aspects of the asset and enhance its following growth.
