xrp

The recent price action of XRP has been nothing short of remarkable, with a substantial 110% surge sparking considerable interest among traders and investors alike. Following a robust rally in early June that briefly propelled the price above crucial moving averages, XRP is currently undergoing a retracement phase. However, this pullback might actually be laying the groundwork for the next significant upward movement.XRP's price recently broke above its 50-day and 100-day Exponential Moving Averages (EMAs) at $2.28 and $2.26, respectively. Although it stalled slightly below the 200-day EMA at approximately $2.40 USDT on the daily chart, the outlook remains promising. The support levels for today's retracement are positioned near the 100-day EMA, with the 50-day EMA acting as a secondary support floor.If these support levels hold firm,next resistances to watch out for would be the 200-day EMA and the previous descending trendline around $2.60. real narrative driving this price action, however, lies in network usage. According to the Stellar Data API, a record 1,109,289 XRP payments were recorded in a 24-hour period on June 9, marking the highest daily total since early 2024.This surge in transactions signifies more than just speculative trading; it indicates genuine demand and utility for asset. Historically, spikes in on-chain activity have often preceded long-term rallies as new users join network and existing holders accumulate more tokens. A clean retracement that adheres to the 50-day and 100-day EMAs can help consolidate tokens in hands of dedicated investors and eliminate weaker hands, which is why pullbacks often unsettle traders.For XRP to create a solid foundation for a subsequent upward leg, it needs to stabilize above $2.26-$2.28 range accompanied by an increase in trading volume. Conversely, a break below $2.26 would put the long-term 200-day EMA at risk of being retested at $2.08. Maintaining the 100-day EMA at $2.26 USDT is crucial for preserving bullish momentum. On dips, accumulation near the 50-day EMA at $2.28 USDT would be a positive sign.