XRP is still struggling to recover from the ongoing market volatility, but its payment activity is seeing a significant boost as participation from traders resurges.
Latest onchain data from XRPScan shows a sharp resurgence in payment volume on the XRP Ledger, as the amount of XRP transferred between accounts rose significantly on October 25 after a major drop in activity the previous day.
XRP payments see four-figure surge
While the data has drawn attention from market analysts, especially for its timing, it shows that the XRP Ledger recorded up to 37.72 million XRP in payment volume over the last day.
This shows that the XRP payment volume has surged by a massive 2,633.3% from the 5.04 million XRP recorded the previous day.
Notably, the latest four-figure increase in the metric is significant as it marks a major reversal from the extensive volatility the network had witnessed in the past days. On October 24, the XRP Ledger payment volume fell by 98.5%.
The downward trend began after October 22, when the metric reached about 770.56 million XRP, after which it declined to 327.44 million XRP on October 23.
The payment volume had further dropped sharply to about 5.04 million XRP on October 24 before its latest rebound to 137.72 million XRP, suggesting that momentum might be building once again.
What's behind the surge?
While the metric tracks the amount of XRP transferred from one account to another, it is closely watched by market analysts as it serves as a useful indicator of the asset's usage, which flashes a bullish signal when at a high level.
While XRP has seen sustained volatility, the surge in payment volume could be attributed to increased transfers involving XRP, which could have been driven by a sudden reversal in market sentiment as XRP begins to flip to bullish territory.
Arman Shirinyan
Dan Burgin
