XRP: Price Suppressed, On-Chain 'Solid'... Investment Sentiment Rekindled by Payment Surge

▲ XRP

While XRP has been trapped in a bearish chart, XRP Ledger payment activity has seen its biggest jump in recent weeks. Although the price trend remains unstable, on-chain indicators have revived, signaling a challenge to market pessimism.

According to U.Today, a cryptocurrency specialized media outlet, on May 29 (local time), the number of inter-account payments on the XRP Ledger increased to approximately 1.69 million on May 28. U.Today reported that this is one of the highest daily figures in recent weeks, indicating that network usage is improving again after a period of decreased activity in mid-May.

Payment volume indicators also showed a stabilizing trend after months of volatility. Although the transaction value did not reach the unusual highs recorded earlier this year, the increase in payment count is notable as it suggests broader network participation rather than isolated whale transfers.

This change is significant for XRP holders. In the past, sustained increases in transaction activity often preceded improvements in market sentiment, and particularly during periods of sideways price movement, increased network usage was interpreted as a signal supporting the asset's fundamental strength.

However, the technical trend remains unfavorable. U.Today reported that XRP remains within a descending triangle pattern, consistently forming lower highs since March, thus maintaining a bearish structure. Analysis suggests that XRP is positioned above a key support level around $1.30, and if this support breaks, the potential for further decline could increase.

The divergence between on-chain indicators and price trends is attracting investors' attention. While a surge in payment activity does not guarantee a price reversal, if network growth continues during periods of weakening selling pressure, XRP could establish a foundation for subsequent recovery. U.Today assessed that even if XRP remains technically vulnerable, the recent surge in XRP Ledger activity is a significant fundamental catalyst for the bullish camp, appearing after a long time.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*