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The XRP Ledger payment volume exceeded 929 million XRP on September 29, a one-day jump of 35.1% that pushed activity well above the 30-day average of roughly 615 million. It was one of the stronger results of the last few weeks, and it came while the price of XRP was drifting lower.
Payment volumes are going down
Payment volume has since slipped to 708.6 million XRP, down 23.8% over 24 hours, though it remains above the updated 30-day average of 624.2 million. The all-time high of 7 billion XRP still sits far out of reach, and the yearly chart shows that spikes above 1.5 billion have appeared only a handful of times, most recently in early September. A 929 million day is therefore solid but not extraordinary.
Price action has not mirrored the on-chain strength. XRP trades at $1.48, down from the $1.66 high reached in late September, and recent candles show a steady run of lower highs on fading volume. Still, the structure remains constructive. The price holds above the 200-day moving average near $1.37, which now overlaps with the 50-day average, and the earlier break above the descending trendline has not been invalidated. The RSI has settled near the midline, suggesting momentum has reset rather than broken.
What are investors anticipating?
Part of the answer is that rising payment activity is often read as a sign of genuine utility, particularly for cross-border transfers where XRP is positioned as a bridge asset. Traders appear to be waiting for confirmation that the volume surge can translate into sustained demand rather than another short-lived spike. Others are watching whether the $1.45 area, where the shorter-term average sits, holds as support.
The key levels are clear. A defense of $1.45 to $1.37 would keep the recovery intact and keep a retest of $1.55 to $1.66 possible. A close below $1.37 would put the $1.31 zone in focus and weaken the bullish case.
For now, the ledger is showing healthy usage while the price consolidates. Whether the two converge again depends on whether payment volume can keep holding above its monthly average in the days ahead.
Arman Shirinyan
Dan Burgin
