XRP recorded a major surge in on-chain activity on March 31, with over 640 million tokens moved within a single day. The large-scale transfers totaled approximately $647 million and drew immediate attention across the crypto space.
Recent data has identified this surge as one of the biggest enhancements in XRP daily transfers during recent months. The market surged when XRP achieved a peak value of $2.17, although it later experienced a pullback.
Following its peak at $2.17 XRP, it started a downward trajectory and recorded $2.07 at reporting time. CoinMarketCap reveals that the cryptocurrency price currently stands at a 1.29% reduction from its levels a day ago.
The overall trading volume rose beyond 2.6 percent to reach $4.12 billion despite the decrease in market value. Moreover, the market capitalization of XRP currently maintains $120.73 billion while slightly decreasing at the same time as its price point.
On the technical chart, XRP displayed multiple attempts to push higher throughout the day but failed to sustain above the $2.15 mark. The pullback began late April 1 and continued into the early hours of April 2, with the price now testing the $2.07 level.
Source: CoinMarketCap
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Technical Pressure Builds as XRP Approaches Key Trend Zones
XRP remains locked within a descending triangle pattern even with increased transfer volume. The asset faces immediate resistance near the $2.30 mark, a critical level aligned with major moving averages.
Price action is now moving around the convergence of the 50, 100, and 200 Exponential Moving Averages. A breakout above this zone could confirm bullish strength and push the price toward the $2.50 or $2.80 range.
However, failure to clear these resistances may result in a retest of lower support levels between $1.95 and $2.00. Market participants are closely monitoring these zones for signs of direction.
Source: Tradingview
The 640 million XRP transferred on March 31 may indicate strategic whale movements, internal ledger adjustments, or institutional reshuffling. While the origin of the transfers is still unknown, the timing aligns with XRP testing crucial chart levels.
Conclusion
The massive transaction spike has brought renewed attention to XRP’s price movement and technical position. As the asset hovers near $2.07, traders watch for signs of a breakout or breakdown from this consolidation phase.
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