XRP’s price is showing signs of recovery, with trading volumes surging and market interest reigniting. However, falling usage metrics on the XRP Ledger cast doubt on whether this rebound is built on solid ground.
🔹 XRP Pushes Higher as Traders Return
At the time of writing, XRP is trading at $2.25, up 3.8% in the past 24 hours. The price is hovering near the top of its weekly range between $2.09 and $2.29. Daily trading volume has jumped to $2.65 billion, a nearly 180% increase from the previous day – a strong signal of renewed market interest.
According to data from Coinglass, XRP derivatives are also heating up. Futures volume has surged over 200% to $4.82 billion, while open interest climbed 11.5% to $4.09 billion. This surge suggests more traders are opening positions and betting on short-term price swings, driving volatility in both directions.
🔹 But On-Chain Usage Is Falling
Despite the bullish price action, key blockchain metrics are weakening. As of June 8, only about 600,000 account-to-account payments had been recorded – down from nearly 900,000 earlier in the month.
Similarly, the total number of transactions fell from 1.5 million to just over 1.1 million per day, while active addresses dropped below 20,000. These figures reflect actual usage of the XRP Ledger, and their decline suggests that network demand is fading, even as the token's price rises.
🔹 Technical Outlook: Crucial Resistance Ahead
From a technical standpoint, XRP has so far held support near the $2.08 level and is now testing the middle of the Bollinger Bands around $2.25. A breakout above this level could pave the way for a move toward the upper band at $2.42.
The Relative Strength Index (RSI) sits near 50, indicating market indecision. If bullish momentum builds, XRP could aim for the $2.60–$2.65 resistance zone, last seen in late May.
However, if the price fails to break above $2.25, it risks sliding back to $2.08, and a further breakdown could expose the $2.05–$2.00 support area.
🔹 Bottom Line: Momentum Without Substance?
Although XRP is enjoying a short-term rally and strong derivatives activity, the drop in user engagement on-chain remains a red flag. Without a clear reversal in usage metrics, the current price gains could prove fragile, driven more by speculative sentiment than actual demand.
#Xrp🔥🔥 , #Ripple , #Altcoin , #CryptoAnalysis , #crypto
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“