- XRP’s payment volume has jumped to 845M showing stronger adoption and rising real-world usage in cross-border payments.
- The price is now at $2.74 holding above key levels with $2.50 as strong support and $3 acting as a key breakout point.
- A move past $3 could push XRP toward $3.50 while failure may lead to a dip near $2.50 before another rally.
Rising payment volumes have jacked up XRP to an astounding 845 million, igniting renewed market interest. According to the latest Binance chart, the XRP price sits at about $2.748, with a gain of 4.86%. Indeed, the price pattern sounds positive since most moving averages are now in tune, suggesting that XRP could be on the threshold of another major surge.
An avalanche in payment volume has fueled speculation that the use of XRP in cross-border transactions is gaining more momentum, prompting further speculation on demand and price movements that might surface in the coming weeks.
Technical Indicators Show Strength Amid Payment Volume Boom
The Binance chart featuring the XRP/USDT pairing indicates that the asset is currently trading above vital support levels: the 50-day moving average (blue line) serves as core support at about $2.50; the 100-day moving average (orange line) affords additional structural support at $2.10; and the 200-day moving average (black line) rests around $1.60 to bolster the asset’s bullish outlook.
The chart also reveals a previous breakout from a bullish pennant formation, which triggered a parabolic move. With the recent retracement finding support above the 50-day moving average, XRP is regaining momentum, signaling a potential continuation of its upward trend.
Market Sentiment Aligns With Institutional Growth
On-chain and market sentiment indicate a growing interest in XRP, particularly from institutional and payment service providers. The surge in payment volume to 845 million reinforces the idea that XRP’s network is seeing higher usage, particularly in cross-border transactions. With faster settlement speeds and lower fees compared to traditional financial systems, XRP’s use case is becoming more evident.
The strong market reaction, with over 119K views on the announcement post and high engagement across social platforms, suggests that the broader market is closely watching XRP’s trajectory.
XRP’s Next Move: Can It Sustain the Uptrend?
Should XRP remain above the 50-day moving average and surpass the psychological mark of $3.00, the potential for a significant rally to test previous highs around $3.50, would be on the table. However, weakening market momentum could lead to a near-term retracement towards $2.50, where strong support prevails. XRP is set for longer-term prospects as institutional demand and network usage spur the next leg of price movement:
The next few days will be very crucial for XRP to either hold on to its momentum or enter into another phase of consolidation before it can attempt to break out again.
