- XRP network stuns market with 1.35 billion tokens moved.
- On-chain activity spikes as XRP eyes next major breakout.
- Massive XRP transfer hints at potential price surge ahead.
The XRP network has recorded a significant spike in on-chain activity, with 1.35 billion tokens transferred within a single day. This significant surge in volume took place on August 2 and immediately caught the attention of traders and analysts tracking potential market shifts.
This surge in transactional movement is surprising as XRP recovers following a low of its local setting at $2.75. The asset has already broken through the next line of resistance at $2.97 and seems to be gaining more momentum with the increase in technical support under the existing price.
Analysts emphasize the importance of the 26-day EMA, which has also been a good buffer in the recent upward trend of XRP.
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Other than the price action, the technical indicators are showing strong buyer interest. The Relative Strength Index (RSI) has recently started off the neutral 50 level, which is an indication of a reversion that can drive prices higher.
The signs of possible accumulation are the green candles accompanied by increasing volume, which indicates the investors’ confidence in the market.
This timing of the transfer of 1.35 billion tokens is noteworthy since XRP transaction activity was otherwise flat in most of Q2. Market watchers view this abrupt jump as more than a one-off event, with implications that stretch beyond whale movements or exchange reshuffling.
Source: Tradingview
On-Chain Surge Signals Possible Shift in Market Direction
The large-scale transfer of XRP in a single day represents a sharp deviation from recent on-chain trends. Although the origin of the transfers continues to be a mystery, the high amounts tend to highlight the growing interest in using XRP for payment purposes, perhaps a point of strategic interest in the holders on a huge scale.
Prolonged on-chain activity in such a range may be a strong precondition for further price dynamics. To break out completely, XRP should still overcome the 3.20-3.40 range. Nonetheless, if the volumes of transactions remain high and there are some forces purchasing the asset, it can be going to a wider rally.
Traders are closely watching whether this spike in network activity marks the beginning of a trend or a temporary anomaly. This correlation of price recovery, increase in volume, and positive on-chain activity means that XRP might be on the verge of making its next big move.
XRP’s sudden 1.35 billion token transfer has introduced a new wave of speculation in the market. With technical indicators aligning and transactional activity surging, XRP may be positioning for a significant shift in price direction.
