In the last day, over 640 million XRP were moved on-chain indicating a possible recovery and increasing market activity. This shows that XRP is once again showing signs of strength. The asset is currently stabilizing above the $2.30 level and appears to be forming a dependable support zone after a recent sharp correction from its local high of about $2.70. More than 610 million XRP were moved between accounts on May 19 according to on-chain data, indicating a notable increase in payment volume.

Increased usage of the XRP Ledger is suggested by this spike in network activity, which is frequently seen as an indication of its expanding usefulness and rekindled investor confidence. Technically, XRP is positioned just above its 26 EMA (~$2.32), which has long been a reliable level of support and resistance. Recently the price has tested this level multiple times and is currently holding steady. 

XRP/USDT Chart by TradingView

Bulls may need confirmation of a sustained move above this average in order to resume their upward trajectory, possibly targeting the $2.50-$2.70 region once more. There is still room for caution because the volume is still low in comparison to the recent rally. The absence of volume at the moment indicates that this may still be a consolidation phase rather than the start of a new rally leg, which is usually necessary for a bullish breakout to validate the move. 

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However, there is a powerful counterbalance provided by the recent increase in payment volume. Price action is frequently preceded by these metrics, suggesting that the market may be preparing for a move before it shows up on the chart. The recovery story gets stronger if XRP can hold support above $2.30 and regain the $2.50 mark in upcoming sessions.

But if it falls below the 26 EMA, it might return to the $2.10 region, where the 100 EMA and more solid historical support are waiting. XRP's fundamentals, as determined by its on-chain utility and important technical supports, are generally in alignment, which gives bulls a chance if volume can intervene.

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