On November 9, XRP Ledger experienced a substantial uptick in payment volume, climbing to 1.16 billion XRP according to data from XRPScan. This marked a 207.4% rise over the past 24 hours. However, this figure remains notably lower than the network’s historical peak of nearly 7 billion XRP.
Surge in Transaction Activity Observed
While the recent increase in payment volume appears robust, similar spikes have been recorded in the past. The monthly average stands at 580.6 million XRP, yet on October 30, the network saw payments reach around 1.8 billion XRP, and on September 25, it reached 1.9 billion XRP.
XRP Ledger’s payment volume reached 1.16 billion XRP on November 9, though similar jumps were observed at the end of September and October.
Such fluctuations are often seen during the transition from weekends to the first trading day of the week, prompting caution against interpreting this surge as indicative of a sustained trend change. XRP Ledger serves as the open-source blockchain infrastructure recording transactions on the XRP network.
October’s Volatility Intensifies
Throughout October, the landscape depicted a weaker scenario. Payment volumes struggled to remain above 800 million XRP on many days. In a striking decline, volume nearly hit zero on October 24. These figures suggest that despite recent gains, such spikes are not unprecedented for the network.
Price Pressures Persist
Amid increased transaction activity, XRP’s market value has been moving in the opposite direction, recently trading at $1.09 as the asset depreciated. The market remains keenly focused on whether XRP will test the $1 threshold once more.
As XRP’s price fell to $1.09, concerns intensified that crossing below the $1 mark could accelerate downward pressure.
The last time XRP dipped below $1 was mid-August, marking the first instance since November 2024. Analysts speculate that should market weakness continue, a breach below $1 may not be temporary.
Momentum Falters on November 10
The rise in payment volumes has sparked speculations that some stakeholders might be transferring assets to exchanges for liquidation, although this claim remains unverified. On November 10, volume receded to the vicinity of 300 million XRP, a drop seen before the day’s close, indicating the November 9 surge might be short-lived.
Current data underscores that while transaction activity is buoyant on XRP Ledger, it has yet to translate into price recovery. Despite a vibrant network, market-induced selling pressure persists unrelented.
