As XRP has a share of the broad crypto market downward trend, its network activity flashed bullish signals accordingly data Provided by XRPSCAN.
Over the past 24 hours, XRP has witnessed a significant drop in spot trading prices, which fell approximately 5% during that period. However, it appears that not all of XRP’s important metrics are in line with the downtrend, as daily payments surges by 316.9% in just 24 hours.
In particular, the third major cryptocurrency by market capitalization recorded a payout of 244 million on September 21st. Investors have carried out large transactions including XRP, but as of September 22, the metric had skyrocketed to over $1 billion, suggesting an increase in institutional use.
XRP flashes unclear signals
The broad crypto market is unraveling at a sudden reversal of investor sentiment, with major cryptocurrency prices logging huge losses on the last day, and XRP is no exception.
Because it is very similar to trading volume, a surge in XRP payment volume may suggest the reallocation of assets by large and small traders.
Nevertheless, the unexpected rise in XRP payment volume has attracted the attention of market watchers as such a network explosion may reveal an unclear price possibility.
Amid a massive increase in payment volume, XRP trading volume also rose by 214%, but its price destroyed key support levels, reaching a bare low of $2.7. Analysts believe this is a clear indication of growing investor activity and looming speculative pressure.
In these times, when the wider crypto markets were generally red, the increase in XRP payments could have been spurred by selling pressure. Therefore, an increase in payment activity can only flash at the bearish signal.
On the other hand, increased payments have often been interpreted as a sign that enhances network utility and adoption. That is, traders may be selling their assets significantly, but the surge in adoption and the usefulness of a strong network could outweigh the pressure from sellers and raise Altcoin for a recent recovery.
The recent launch of the first US XRP ETF further shows a surge in adoption from agencies, contributing to a surge in network activity, which could cause bullish signals to flash quietly.
