XRP Transactions Surge

On March 19, the number of transactions executed reached 2.77 million, marking a significant on-chain milestone for XRP. This surge indicates a notable rise in network interaction and usage, often interpreted as encouraging for investor engagement and asset utility.

Price Analysis

From a price standpoint, XRP is still following a descending wedge pattern and is presently trading at about $2.17. Being confined between the 50 and 100 EMAs suggests unclear direction. The wedge is closing, and a breakout in either direction could be triggered by the recent increase in on-chain activity.

Trading Volume Trends

The steady decline in XRP’s trading volume, despite the spike in transactions, indicates caution among market players. This falling volume could make it more difficult for XRP to overcome significant resistance levels soon.

Technical Indicators

Technical indicators support this impartial position. As a cap on gains, XRP has struggled to confidently move above the 50 EMA resistance line. The 100 EMA provides solid support on the downside. Due to the EMA squeeze and contracting price range, XRP is in a consolidation zone, where a breakout or breakdown is likely. Maintaining on-chain activity could provide the boost needed for XRP to break out of its current range.

Future Outlook

An impressive recovery rally remains uncertain in the absence of confirmation via volume and a clear move above the 50 EMA. The price action around the $2.95-$3.00 level should be watched, with possible support at $2.30, as these levels could indicate XRP’s next direction. While XRP’s on-chain strength is currently a significant plus, price and volume confirmation are required to validate a wider recovery.