On-chain transaction activity on XRP recently surged to a massive 647 million XRP transfers in a single day. The most recent data shows that on March 31 payment volumes hit levels not seen in recent weeks, with almost $647 million worth of XRP being transferred between accounts.
Because of XRP's unstable position on the price chart, this abrupt and dramatic increase is igniting speculation about a possible market shift. From a technical perspective, XRP has recovered well from the 200 EMA and is now trading at about $2.17, indicating a 4.26% gain over the previous day.
XRP/USDT Chart by TradingView
This upward trend comes after XRP was sharply rejected at the sub-$2 support level, where it briefly fell to $2.06 before rising again. More significantly, this bounce happened just above the long-term upward trendline, suggesting that buyers are still holding onto important technical levels.
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Even with this bullish surge, XRP is still within a descending triangle pattern, indicating that caution is still necessary. At the moment, the price is testing the intersection of three moving averages that could serve as resistance: the 50, 100 and 200 EMAs. Invalidating the downtrend and possibly signaling the beginning of a wider rally would be a successful breakout above $2.30.
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It is impossible to ignore the relationship between price action and on-chain activity. Significant price changes are frequently preceded by large spikes in transaction volume. Significant whale repositioning institutional movement or internal XRP Ledger activity could all be indicated by the recent spike.
Even though the causes of such a large transfer are still up for debate, the consequences are obvious: volatility is on the horizon. The $2.50 and $2.80 marks are bullish targets if XRP maintains its momentum and breaks out of the current descending structure. But if resistance is not broken, XRP may retest the $1.95-$2.00 range.
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