With volatility in the cryptocurrency market, where major cryptocurrencies recorded notable daily gains, this trend has extended to the price $XRP and its on-chain activity.
On-chain data for XRP from #XRPSCAN shows a significant increase in payment volume #XRPLedger .
As of June 23, data shows that the payment volume on the XRP Ledger rose from 454.85 million the previous day to 681.95 million today.
This represents a 49.91% increase in payment volume $XRP
over the past 24 hours, indicating an uptick in cross-border transactions involving the token and growing institutional interest in the payment solutions offered by XRP.
While the exact reason for this increase remains unclear, there is speculation that it may be related to internal transfers on trading platforms or potential rebalancing strategies from institutions focused on #XRP .
As this increase in on-chain trading activity coincides with a notable rise in XRP's market capitalization, it appears that the token is regaining momentum, reflecting renewed interest from investors. This indicates growing confidence in XRP, not only as a payment tool but also as an effective investment option.
Buzz around exchange-traded funds sparks optimism
The increase in payment volume $XRP is largely attributed to the hype surrounding the launch of the XRP exchange-traded fund for the first time in North America.
After being listed on the Toronto Stock Exchange, the 3i,Q XRP exchange-traded fund gained significant momentum, becoming the largest exchange-traded fund focused on XRP in Canada. The token, which currently ranks third by market capitalization, has become a major focal point in recent days.
This momentum has also heightened expectations for the potential approval of the XRP exchange-traded fund in the United States, significantly bolstering investor confidence, capital flows, and market capitalization.
As a result, investor confidence is increasing that XRP is poised for a significant price surge in the near term, driven by strong on-chain activity and institutional engagement.
At the same time, XRP shows bullish momentum, having increased in price by 5.52% over the past twenty-four hours. As of the time of publication, the token is trading at $2.08.