XRP recorded a significant increase in on-chain transaction volume recently, with nearly 400 million transactions processed in a single day. This spike in network usage marks one of the most active periods in recent months, drawing attention from analysts and investors alike. However, despite the sharp rise in activity, XRP’s market price has remained relatively stable. Market Activity and Technical Outlook For May, data shows several transaction volume surges, culminating in the sharp increase observed on the 27th. These types of movements often reflect large-scale transfers between wallets, which could be linked to institutional portfolio adjustments or internal exchange settlements. Despite the volume spike, price movement has remained subdued. XRP continues to trade within a narrow range, fluctuating between $2.20 and $2.50. This price behaviour suggests investor hesitation, with no clear directional momentum developing so far. Technical analysis of the XRP/USDT pair indicates a symmetrical triangle formation, a classic sign of market consolidation. Currently, the price is testing support at both the 50-day and 100-day exponential moving averages (EMAs). A minor golden cross is visible, but it has not resulted in significant upward momentum yet. If the price breaks out, it may aim for resistance levels near $2.60 to $2.70. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Investor Caution Still High While the recent jump in transaction volume signals increased network activity, it does not necessarily guarantee short-term price appreciation. Market interest, particularly among retail investors, appears limited. This is evident in the relatively low trading volume on exchanges, suggesting that traders are waiting for a confirmed breakout before re-engaging. For now, XRP must hold above the $2.20 support level to avoid a deeper pullback. Should buying pressure increase and the price move above $2.50, a renewed uptrend could emerge, supported by the growing network utility. However, without a decisive move from market participants, the asset remains locked within its current range. In summary, although XRP’s on-chain performance has improved notably, its price has yet to reflect that strength. Investors are advised to monitor volume and resistance levels closely as the market searches for direction. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post 400 Million XRP Abrupt Surge. Here’s the Significance appeared first on Times Tabloid .
