As the crypto market continues to see positive trends in the prices of cryptocurrencies since the beginning of the week, XRP has seen its price stay stable but witnessed a dramatic surge in payment activities, according to recent data from XRPSCAN.
The data shows a massive jump of 117.41% in XRP on-chain payment activity over the last 24 hours, where the third-largest cryptocurrency by market capitalization only recorded about 500,000 payment counts the previous day.
This massive surge has seen XRP payments hit a monthly high after surpassing 1.1 million on June 9, despite the flat price movement. The token had last achieved this level during the first week of May.
On the same day, XRP saw its total payment volume surpass a massive 430 million, indicating heightened interest in the use of XRP across the global market.
This notable increase in XRP’s daily payments has caught the eyes of investors, strengthening their confidence in the asset’s future price outlook.
Although the reason behind the sharp surge in XRP’s payment activity is still uncertain, speculators have attributed it to growing interest in XRP among institutions and prominent retailers.
Notably, this surge in the token’s on-chain activity comes as no surprise, as XRP has been witnessing notable increases in cross-border payment activity and rising speculation ahead of expected regulatory clarity in the crypto markets.
While high payment activities like this have often been traced to internal factors like institutional rebalancing or internal exchange transfers, the notable spike in XRP daily payments has yet to fuel a major breakout in the token’s price.
Although the token has flipped bullish in recent days, recording decent daily gains, its price movements have slowed down, showing resilience around the $2.3 mark.
According to data from CoinMarketCap, XRP has continued to show stable price action as of June 10, showing a slight dip of 0.89% over the last day.
Notably, XRP is trading steadily at $2.29 as of press time.
While XRP has flipped bullish in key on-chain metrics, investors are optimistic about a potential surge in the token’s price.
