XRP Ledger payment volume hits 1.13 billion XRP in single day
In brief
- XRP Ledger payment volume reached 1.13 billion XRP, more than doubling recent daily levels.
- The surge marks the biggest transaction spike of the previous month.
- Price has not kept pace with the increase in network activity.
Payment volume and real use
XRPL payment volume quantifies XRP transferred directly between network accounts, distinct from exchange trading volume. The metric is frequently seen as a sign of real blockchain use rather than speculative trading activity. Large payment flows may originate from whale wallet reorganizations, exchange treasury management, or institutional settlements.
Such large increases in payment volume have historically coincided with times of increased market activity. The abrupt rise implies that large holders or organizations increased their on-chain activity considerably. Whether this represents a sustained trend or a singular event remains unclear.
Price disconnection
XRP's price action tells a different story. The token is trading below the 50-day, 100-day, and 200-day exponential moving averages. Price action has broken down from a small symmetrical triangle that had been forming throughout July. The Relative Strength Index sits at 47, indicating neither overbought nor oversold conditions.
For XRP, there's frequently a discrepancy between price performance and network fundamentals. Even with the remarkable on-chain progress, the price hasn't kept up with the increase in activity. If the increase in payment volume turns into a long-term trend rather than a singular event, it could strengthen the fundamental case for XRP.
