XRP Ledger’s 2,633% Payment Surge Fades as XRP Price Struggles Below $1.38

XRP Ledger payment activity recorded a major increase on October 25, but the recovery weakened as transaction volumes declined significantly. The network’s daily payment volume dropped 45.1% on October 28, reversing part of the gains recorded during the previous three days.

According to XRPScan data, payment volume increased 2,633% and recorded further gains through October 27, but remained below its 30-day average. The decline coincided with limited movement in XRP’s market price, which remained near $1.33 despite the earlier network activity.

Also Read: Stellar Sets November Dates for Bell Upgrade as Quantum-Safe Plans Advance

XRP Ledger Payment Volume Falls Below 30-Day Average

XRP Ledger processed approximately 137.7 million XRP in daily payments on October 25, marking a substantial increase from previous levels. Activity subsequently doubled to 275.5 million XRP on October 26 before reaching nearly 366 million XRP on October 27.

Nevertheless, the upward movement ended on October 28 as daily payment volume declined to approximately 200.8 million XRP. This represented a 45.1% reduction from the previous session, leaving activity considerably below the recent peak.

Meanwhile, XRPScan placed the network’s 30-day average payment volume at approximately 480.6 million XRP. Consequently, even the October 27 peak remained about 23.9% below that benchmark.

Historical records also show considerably higher payment volumes across the XRP Ledger during the previous twelve months. Some sessions recorded approximately 2.5 billion XRP in daily payments, while the historical maximum reached 7 billion XRP. These figures place the October recovery below several earlier periods of elevated network activity despite its considerable percentage growth.

XRP Price Faces Resistance Between $1.33 and $1.38

XRP’s price performance showed limited improvement during the temporary increase in ledger payments, with the cryptocurrency trading near $1.33. TradingView data showed XRP declining from approximately $1.65 in late September to below $1.30 during October. Since that decline, the asset has struggled to establish sustained upward momentum.

Technical indicators identified immediate resistance near $1.33, followed by additional moving averages between $1.36 and $1.38. Additionally, the relative strength index stood near 48, indicating neutral momentum rather than strong buying pressure.

Trading volume also declined following the early October sell-off, while recent price candles reflected limited recovery activity. On the downside, $1.25 remained an important support level after buyers defended that region twice during October. A breakdown below that level could expose the next support area near $1.10.

Conversely, a sustained move above $1.38 would place XRP beyond the identified moving average resistance zone. Overall, XRP Ledger’s payment increase proved temporary, while declining network activity and persistent price resistance characterized the latest market conditions.

Also Read: XRP Analyst Predicts Rally to $1.50 Before Major Double Bottom Formation

 

The post XRP Ledger’s 2,633% Payment Surge Fades as XRP Price Struggles Below $1.38 appeared first on 36Crypto.