While witnessing bullish momentum throughout the broader crypto market, XRP payment volume has emerged significantly from more than 300 million to more than 824 million in just one day, according to the latest Data from XRPSCAN.
As it comes in the midst of a well -known rally in the XRP price, it suggests that XRP bulls are now active, indicating a significant advancement in token network activity. Noteworthy, a total of 824,473,127 XRP was moved for the XRP Ledger payment activity on May 7.
Recent price movements have seen XRP recover from its previous losses, which damaged the $ 2.21 resistance level witnessed over the past week.
The token is currently trading at $ 2.31, a well -known increase of 9.38% in its price since the last 24 hours, according to Data From CoinMarketCap.
XRP Bulls are back
The sharp increase in XRP payment volume in XRPL shows a massive increase in XRPL use as the investor's confidence is growing at new levels amidst the cryptocurrency's changed interest.
While payment volume is not always a direct indicator of price performance, the noticeable increase in XRP on-chain activity is accompanied by significant price increases.
Although the exact cause of the payment volume spike is unsure, the increases are usually amputated by high transaction activity, either buyers or sellers.
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However, in this case, the sharp spike appears to be -spurred by increasing the purchase activity, not selling pressure.
This is evident in the significant increase of token prices, along with known increases in trading volume and total market capitalization, reflecting 13.28% and 9.20% uprising respectively.
In addition, the data shows that the number of active accounts on the XRP Ledger has risen to nearly 20,000, suggesting that a large number of bulls are actively buying, which runs the XRP upwards.
While this measure provides a hint on the potential future of the XRP, it also supports a bullish outlook for long -term prospects of token. As such, the investor's confidence in maintaining the Bullish momentum of XRP is that -Bolster.
