The network activity is surging, is XRP poised to take off?

Recently, the XRP network has shown strong rebound signs, with a single-day payment volume reaching as high as 659 million XRP, indicating a significant increase in overall network activity. Such massive transaction data may suggest that institutions or large holders are positioning themselves for the next wave of growth and entering a new phase of capital accumulation. On the technical front, XRP’s price is currently stable around $2.3 and is attempting to stay above the 50, 100, and 200-day moving averages, indicating that the bulls are gradually gaining control of the market rhythm.

The technical indicators and trends of XRP

The XRP price is currently attempting to establish higher lows above the ascending support line formed in June and early July. The RSI (Relative Strength Index) is currently slightly below 60 and remains in a healthy bullish structure, yet to reach the overbought zone, indicating there is still room for upward movement. Between the current price and $3, there is almost no significant historical pressure zone, although there was a brief pullback at $2.5 – $2.6, it did not become a strong resistance. If buying pressure continues, XRP has the opportunity to first challenge $2.5 and then test the $3 integer level.

The price risk and correction of XRP

Despite the overall bullish trend, the rapidly increasing volume can sometimes indicate that the main players are repositioning, which may even trigger short-term profit-taking. If XRP fails to effectively hold above the EMA moving average band and the price loses the $2.2 support range, then the price may retreat to the $2 – $2.1 range. Traders should closely monitor the capital flow and buying and selling momentum to avoid falling into the reverse trend risk due to increased volatility.

Ripple Swell Conference

Ripple has officially confirmed that the annual Swell conference will be held in New York from November 4 to 5. The choice of location in a global financial hub symbolizes Ripple’s confidence in institutional collaboration and regulatory advancement. Some of the announced speakers include Sandy Kaul, the Innovation Head at Franklin Templeton, and Ryan Rugg, the Digital Asset Head at Citibank. With Ripple resolving its long-standing litigation with the SEC, a merger expansion plan amounting to $1.25 billion, and a bank license application, the market is full of imagination regarding its future application scenarios.

Looking back at history, XRP doubled in price just before the Swell conference held by Ripple in 2018. This has made investors more attentive to the potential momentum around this year’s conference.

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Summary

The on-chain data and technical structure of XRP show good upward potential, especially under the dual conditions of a surge in volume and RSI not yet being overheated. The probability of challenging the $3 integer level is increasing. If it can maintain the upward trend line and absorb some pullback pressure in the coming weeks, XRP is likely to experience a wave of accelerated market movement. This critical consolidation period is worth close observation for investors looking to position themselves early.