XRP Payments Spike 410%, Price Rebound Incoming?

XRP is gradually regaining strength as the crypto market begins to see a rapid price rally. While its price is beginning to show stability, its network activity is showing remarkable growth.

Over the past day, XRP has traded decently in green territory; however, its trading price has remained low around the $1.30 level.

Despite struggling amid mixed investor sentiment, XRP Ledger has recorded a dramatic surge in XRP’s on-chain activity over the past day.

XRP payments surpass 624 million

According to data provided by XRPScan, the number of daily payment transactions on XRP Ledger has reached 624,637,585, as of March 30.

This marks an explosive 410.7% increase from the 122 million payments recorded on the ledger the previous day. As such, XRP payments on the ledger saw a dramatic surge within 24 hours as network activities continued to grow.

While payment activities are often considered a key indicator for strong network usage and as bullish for the asset’s price, the rapid increase seen over the past day has triggered the attention of market watchers.

With such an increase coming as Ripple continues to expand XRP adoption across the global space, the surge may be attributed to a rise in cross-border transactions involving the asset and growing institutional interest in XRP’s payment solutions.

XRP breakout imminent?

While it remains unclear what triggered the massive spike in XRP payment volume, investors are optimistic that the dramatic surge is strong enough to drive momentum for XRP.

As such, market watchers expect that increased network activity would precede a major price rally for XRP, such that it could see the asset reclaim the major $2 zone.