XRP Hits New 3 Million Peak: Price Close to Losing $3

On July 24, XRP achieved a substantial on-chain milestone by recording 2.59 million transactions, the most in the previous three months. Despite the asset price showing indications of volatility, this enormous increase in activity highlights a sharp increase in network utility and user engagement.

XRP’s analysis

Based on the price chart, XRP just emerged from a protracted period of consolidation. Before correcting down to its current level of about $3.14, it exploded past the $3.00 barrier in July and tapped above $3.60. XRP is still structurally bullish despite this decline. The price remains well above the 50 EMA, 100 EMA and 200 EMA, three important moving averages that are spreading out in a traditional bullish continuation pattern.

Volume has increased during the most recent rally, confirming the move’s strength. On-chain activity, however, is where the real story is hidden. The most recent data shows that XRP’s network handled almost 20.6 million transactions in a single day, which is a record for this year.

XRP stays strong

Transactional throughput of this type indicates genuine ongoing demand, whether from utility-based flows such as cross-border settlements, institutional pipelines or individual users. Another crucial lesson is that transaction activity remained strong in spite of the price correction. Given that price and utility are no longer correlated, it appears that XRP’s strength is not just speculative but rather functional.

Technically speaking, the previous resistance-turned-support $2.99 is now the support. The trend will continue as long as XRP maintains this level. An additional leg up is possible if momentum picks back up as the RSI cools off from overbought levels. As a whole, XRP is changing in usage as well as price.

A three-month high in transactions attests to the existence of network demand, and since the price is still above important supports, this could serve as the foundation for the subsequent bullish leg. Watch the charts as well as the chain; XRP is demonstrating that it has both.

Source