XRP News: XRPL Witnesses Record Transaction Growth Despite XRP Price Hovering Around $2.40

Despite the native token of Ripple's XRP Ledger (XRPL), XRP, struggling to gain upward momentum and hovering around $2.40, the network is witnessing a surge in transaction volume, signaling increased adoption and utility.

XRPL Sees Record Transaction Growth in Bullish Sign

XRP, the native token of Ripple's XRP Ledger (XRPL), is struggling to gain upward momentum, hovering around $2.40. However, XRPL is witnessing record-breaking activity, with a surge in transaction volume surpassing 2,000 transactions per ledger. This increased network activity signals increased adoption and utility for XRPL. The majority of transactions are payments, but other activities like TRUST SET and OFFER operations are also contributing, reflecting XRPL's expanding use cases. This growth is fueled by XRPL upgrades and the adoption of RLUSD, a stablecoin on the XRPL network.

XRP Faces Resistance at $2.5, Bulls Struggle to Break Through

XRP has been testing the $2.5 resistance level multiple times in the past week but has been unable to break through. A move towards $2.26 is possible, but further losses could signal a downward price trend. On-chain metrics indicate that whales are selling, and the price action of XRP/BTC suggests a consolidation is more likely. However, bulls have an advantage in their battle to regain the $2.5 level, as trading volume over the past few months shows higher overall buying pressure.

XRP Price Finds Stability—Can It Turn Higher from Here?

XRP price has found stability and is moving higher from the $2.320 support zone. The price needs to clear the $2.50 and $2.52 levels to initiate a fresh increase in the NEAR term. Currently, XRP is trading above $2.420 and the 100-hourly Simple Moving Average, with a key bullish trend line forming at $2.380 on the hourly chart. If the price clears the $2.50 resistance zone, it could start a new upward trend.

Ripple's XRP eyes recovery as investors switch to accumulation

Ripple's XRP is showing signs of a potential recovery, with investors shifting towards accumulation following an uptrend in the Mean Coin Age metric. However, the XRP derivatives market has yet to bounce back from a 30% decline in open interest over the past week. The coin is targeting $2.55 but risks liquidating long positions worth over $80 million if it falls to $2.26. Early Asian session on Thursday saw XRP rise 2% as buy-the-dip sentiment grows among investors.