XRP Ledger Creates New Baseline: 1 Billion Secured

Detailed summary

Despite the market downturn, XRP Ledger is showing a somewhat reassuring trend: the price has bounced toward the $1 mark and, thankfully, the move is followed by a volume uptick,…

Despite the market downturn, XRP Ledger is showing a somewhat reassuring trend: the price has bounced toward the $1 mark and, thankfully, the move is followed by a volume uptick, which could start a proper recovery rally.

XRP is trading at $0.96 after dipping to $0.89. The $1 threshold, which essentially enables a rapid decrease if broken, gave in on November 14. It's the first time XRP traded below $1 since mid-August.

The market is bearish, and the RSI dropped into the 20-ish zone, which is considered "extremely oversold". Moving averages are still rapidly diverging, which might further reinforce the bearish dynamic.

Even if XRP reclaims the round number, bulls might still stay sidelined. If bulls somehow wake up, a recovery toward $1.2 is the main priority, as it's the level where a lot of investors accumulated XRP in the past.

On the other hand, the Ledger shows elevated activity, with the potential to go further and reclaim levels we haven't seen in the bear market. Still, elevated activity during a prolonged market descent is not something we should just shake off.

According to on-chain data, payment volume on the XRP Ledger reached around 1.1 billion XRP, up 139.9%. Active accounts went up by 154.5%, reaching 42,300. Payments volume growth is substantial, but not record-breaking by any means.

The XRP Ledger has seen substantial growth in various on-chain metrics, which, unfortunately, does not give the price enough support. A lot of the Ledger activity might be automated, driven by either trading bots or sophisticated LLM models. The market is mostly driven by speculative interest rather than fundamental network usage.

The activity of investors who are trying to cash out or pull their holdings away from exchanges could be the key here. Growing payments volume most likely reflects growing fear among investors, as some of them move funds to exchanges in order to liquidate their coins.

Payments volume rises, but so does the bear market pressure, with a possibility of a…

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