XRP Ledger Hits Record Transactions as XRP Price Plunges to Mid-$1.60s
XRP Ledger (XRPL) recorded a new daily transaction high of nearly 1.9 million transfers, signaling rising on‑chain usage driven by large accounts and automated payment flows. Despite this record network activity, XRP’s market price has fallen sharply, breaking below a descending channel and key supports. The token briefly traded around the mid-$1.60 range — a symbolic “number of the beast” level noted by traders — as moving averages slope downwards and act as resistance. Analysts warn that unless buyers reclaim the $1.90–$2.00 zone, selling pressure may persist and volatility could continue. Key metrics: ~1.9M daily XRPL transactions; recent price slip into mid-$1.60s; major moving averages trending down. For traders: on‑chain fundamentals look constructive but short‑term momentum is bearish, suggesting readiness for further downside or choppy rebounds until clear buying strength returns.
Bearish
The news presents a mixed signal: record on‑chain activity on the XRP Ledger suggests robust real-world usage and long-term fundamentals, but price action is decisively negative. XRP broke below a descending channel and important supports, with moving averages sloping downward and acting as resistance. The brief dip into the mid-$1.60s underscores the strength of the sell-off and trader pessimism. Historically, rising on‑chain metrics amid falling prices can precede either a bottom (if demand shifts to accumulation) or further capitulation (if on‑chain activity is driven by large automated flows or sell-side operations). In the short term, expect increased volatility and continued downside risk unless buyers reclaim $1.90–$2.00; traders should use tight risk management, watch order‑flow and derivatives positioning (open interest/liquidations), and monitor whether ledger activity reflects accumulation or distribution. In the medium to long term, sustained transaction growth is constructive and could support price recovery if macro conditions and market sentiment improve, but until technical resistance is overcome momentum remains bearish.