As the wider market starts to tremble, XRP is displaying signs of life. Ripple's native asset is holding close to its multi-month support range despite recent downward pressure, supported by an abrupt and notable spike in network activity. In comparison to the average daily transaction count over the previous month, XRP Ledger processed over 1.34 million payments on June 14, representing a 50% increase.
This spike indicates renewed use of XRP Ledger, which may be related to higher institutional or utility-driven volume. It is not merely a statistic to ignore. Price rebounds are typically preceded by spikes in on-chain transaction volume, particularly when they coincide with important technical zones. In terms of price action, XRP is still tightly wound between its 50/100 EMAs (blue and orange) and its 200 EMA.
Buyers protecting the long-term trend line have so far absorbed every move made by bears trying to pull the asset below $2. This 200 EMA bounce is a crucial indication that demand is still there. Because XRP is neither overbought nor oversold, the RSI is currently hovering around neutral, which is ideal for a directional breakout. This combination of low volatility compression and rising utility, which frequently precedes significant price movements, is a classic setup.
A retest of $2.60 and possibly $3.00 is not out of the question if XRP breaks above the $2.32-$2.40 resistance cluster, particularly given that on-chain metrics are still improving. Traders should exercise caution though. Should this spike in payments prove to be a temporary occurrence and not last, XRP could potentially experience another decline toward the $2.00 psychological support.
In summary: The price of XRP has not yet fully responded to the utility spike, but if past trends are any indication, we might be witnessing the start of a bullish reversal that surprises the market.
