XRP's recent price action has been impressive, with a notable 110% rally capturing the attention of traders and investors. After a strong surge in early June that briefly pushed the price above key moving averages, XRP has entered a retracement phase. However, this pullback could be setting the stage for the next leg higher.
The token recently climbed above its 50-day and 100-day Exponential Moving Averages (EMAs) at $2.28 and $2.26, respectively. Although the rally paused just below the 200-day EMA near $2.40, the overall trend remains encouraging. Currently, the 100-day EMA is providing the main support during the retracement, with the 50-day EMA acting as secondary support.
If these levels hold, the next resistance zones to monitor are the 200-day EMA and a previous descending trendline around $2.60.
The real catalyst behind this price movement appears to be increased network activity. According to Stellar Data API, XRP processed a record 1,109,289 payments within a single day on June 9—the highest daily transaction volume since early 2024. This surge suggests more than speculative interest; it points to genuine utility and growing user adoption.
Historically, heightened on-chain activity often precedes sustained rallies, as new users enter the network and existing holders accumulate more tokens. A healthy retracement that respects the 50-day and 100-day EMAs may help solidify XRP in the hands of long-term investors, shaking out short-term speculators.
For XRP to build a solid base for further gains, it needs to hold above the $2.26–$2.28 zone with increased trading volume. A drop below $2.26 would risk a retest of the 200-day EMA at $2.08. Maintaining the 100-day EMA at $2.26 is critical for sustaining bullish momentum. Any dip toward the 50-day EMA at $2.28 could present a key accumulation opportunity.