This shows that the $XRP payment volume has surged by a massive 2,633.3% from the 5.04 million $XRP recorded the previous day.
Notably, the latest four-figure increase in the metric is significant as it marks a major reversal from the extensive volatility the network had witnessed in the past days. On October 24, the $XRP Ledger payment volume fell by 98.5%.
The downward trend began after October 22, when the metric reached about 770.56 million $XRP, after which it declined to 327.44 million $XRP on October 23.
The payment volume had further dropped sharply to about 5.04 million $XRP on October 24 before its latest rebound to 137.72 million $XRP, suggesting that momentum might be building once again.
What’s behind the surge?
While the metric tracks the amount of $XRP transferred from one account to another, it is closely watched by market analysts as it serves as a useful indicator of the asset’s usage, which flashes a bullish signal when at a high level.
While $XRP has seen sustained volatility, the surge in payment volume could be attributed to increased transfers involving $XRP, which could have been driven by a sudden reversal in market sentiment as $XRP begins to flip to bullish territory.
