Just now XRP experienced a significant on-chain surge followed by a key retrace. XRP has witnessed a 600% surge in network payment volume and transaction count over the last four days, indicating a resurgence of interest in and use of the network. According to Ripple's on-chain data, XRP's payment volume from account to account reached over 838 million XRP on April 23 alone.
On the same day, over 11.7 million transactions were processed, which is a significant increase from earlier in the month. These figures show a significant increase in network demand and utility, so they are not merely random numbers. A technical breakout from the descending channel that XRP has been stuck in since early 2025 was recently attempted.
XRP/USDT Chart by TradingView
It showed bullish intent by pushing above the 50 and 100-day moving averages, but it has since encountered resistance close to the $2.18 zone, where the channel's upper trendline intersects. Although momentum has somewhat waned following the breakout attempt, the price is currently trading at $2.15 — still above important moving averages.
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A key scenario is created, from the standpoint of market sentiment, by the combination of mixed technical momentum and strong on-chain metrics. The increase in payments and transactions indicates that XRP's movements are being driven by actual activity rather than merely hype in speculation. The inability to stay above resistance levels, however, suggests that additional consolidation may be in store unless buyers make a strong comeback.
If XRP can recover and sustain its momentum above the $2.18 mark, it could pave the way for a move toward $2.40-$2.50. A retest of support at $2.00 or below could result from failure to do so, particularly if it is accompanied by a decline in on-chain volume. Simply put, XRP is still going strong, but what happens next will rely on whether this on-chain surge is a long-term phenomenon or merely a brief energy spike.
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