XRP (Ripple), Payment Volume Surged 1,000% Then Crashed...Was It Deceived by Fake Good News?

▲ XRP

XRP Ledger payment volume surged by over 1,000% but returned to its baseline within days, dashing hopes for a bullish signal.

According to U.Today, a cryptocurrency specialized media outlet, on July 5 (local time), XRP Ledger payment volume soared to levels significantly exceeding recent averages in early July. However, the figures almost completely reverted to near the baseline within a few days.

The outlet suggested large internal fund movements as the surge's background. In the past, payment volumes have also surged during large transfers between known entities and financial operations. Exchange wallet restructuring has also suddenly boosted XRP Ledger activity. This analysis suggests that payment statistics can be inflated without actual adoption or new demand.

Despite the surge in payment volume, XRP failed to achieve a clear breakthrough. The price remained below the 50-day and 100-day moving averages. It also failed to overcome key resistance levels. The outlet pointed out that if actual demand had flowed in, confirmation signals should have appeared in price, trading volume, and liquidity.

XRP recovered from its recent low range of $1.05-$1.1. Buying pressure pushed the price above short-term support. The Relative Strength Index (RSI) also rebounded from the oversold zone. However, the area around $1.2, where the 50-day exponential moving average is located, remained a key technical barrier.

The outlet assessed this payment volume surge as a movement closer to market noise rather than a signal that changed the price direction. It analyzed that XRP Ledger activity must continuously increase, accompanied by trading demand, liquidity, and price appreciation. Until then, market caution towards similar payment volume surges may continue.

[Article Summary]

-XRP Ledger payment volume surged by over 1,000% but returned to near its baseline within days.

-Despite the surge in payment volume, XRP remained below the 50-day and 100-day moving averages.

-It recently rebounded from $1.05-$1.1, but the area around $1.2 was identified as a key technical barrier.

*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.*