$XRP Ledger Surges as Daily Payment Volume Hits 1.2 Billion
The XRP Ledger has seen a significant increase in daily payment volume, surpassing 1.2 billion $XRP in just 24 hours. This surge in activity is a welcome development for proponents of the asset, which has been struggling to recover from its recent price decline.
According to data provided by the XRP Ledger dashboard, the current reading rounds out at 1.1 billion $XRP, more than twice the 30-day average of 494.6 million $XRP. While this increase is not solely due to transferred value, successful transactions have risen by 11.2 percent to 1.5 million, with an overall XRPL dashboard displaying 2.2 million transactions, up 23.9%.
However, the number of active users has decreased by 17.3% to 155,300, which may indicate that a portion of the increase can be attributed to larger or more frequent transfers among current participants. Nevertheless, this development comes at an intriguing time for $XRP's price, which is currently trading around $1.32 after a severe rejection from its August rally.
For $XRP to make a meaningful recovery, it will need to reclaim the zone between $1.34 and $1.36, where it faces both recent resistance and its long-term moving average. Losing this area could weaken the asset's recovery strategy and leave it vulnerable to another correction.