Although XRP has been in the spotlight for its unrelenting drive to $3, there is more significant activity taking place on the chain beneath the price action. More than 4,500 XRP were destroyed in fees on July 15 alone, marking a startling 100% increase in burned coins over the past week. 

This increase may provide a hint about the future of an asset, whose deflationary mechanics are frequently disregarded. From the standpoint of market structure, XRP is in a very good place. The price reached a local high at $3.02 and has since broken out cleanly above the $2.90 resistance zone consolidating around $2.95. 

XRP/USDT Chart by TradingView

According to the chart, it is comfortably above all three major moving averages: the 200-day EMA at about $2.16, the 50-day EMA at about $2.30 and the 100-day EMA at about $2.28. This is not merely a speculative blip, as evidenced by the volume remaining high through July. However, the rally's on-chain dynamics are what really stand out. Over the past 30 days, XRP Ledger's payment volume has increased several times, reaching a daily transfer volume peak of over 471 million XRP on July 16. 

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Fees burned increased in tandem at the same time, doubling in a few days. Stronger liquidity and increased market participation are frequently preceded by increased payment activity and fee destruction, so this is of no coincidence. What does this signify for the future? On the one hand, as more XRP is burned through network activity, the supply is reduced, which strengthens the deflationary narrative that long-term holders find appealing. 

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However, the spike in payment volume suggests that major players may be shifting money either to position for future gains or to get ready to reduce risk in the event that the market reverses. Given that the RSI readings are above 80, the price is technically overextended and could pull back toward $2.70-$2.80 if there is a sudden spike in selling. 

The steady on-chain usage and quick fee burn, however, are unmistakable signs that interest in the network is still very much alive and well. The market is actively involved and possibly getting ready for the next leg higher, according to the 100% increase in XRP burns. However, as record network usage collides with overbought conditions, traders should keep an eye out for volatility.

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