XRP Ledger Hits 1.5M Daily Transactions Amid Bearish Price Action

XRP has surpassed 1.5 million payments in a single day, marking its highest 24-hour transaction count in over four months. This surge in on-chain activity signals growing utility of the XRP Ledger, despite bearish technical indicators and weak market sentiment.

On June 21, XRP processed over 1.5 million transactions, according to blockchain data, suggesting increased real-world use of the network. This milestone comes even as XRP price action remains under pressure. Technically, XRP recently broke down from a symmetrical triangle pattern and lost support at the 200-day moving average—typically a sign of a bearish trend. The Relative Strength Index (RSI) has also dropped below 40, confirming heightened selling pressure and the potential for further downside in the short term.

Despite weak price momentum, rising network activity may indicate a divergence between market perception and fundamental growth. Historically, a rise in utility and on-chain volume has preceded price recoveries, especially when broader market conditions stabilize.

Currently, XRP trades with little immediate support, leaving it vulnerable to additional declines if a quick rebound doesn't occur. However, the underlying strength of the XRP Ledger could form the basis for a future turnaround. Increased transaction volume often leads to heightened demand, which may positively impact long-term price performance.

The contrast between technical weakness and growing on-chain usage presents a complex picture for investors. While short-term volatility remains likely, the rise in XRP network transactions may be laying the groundwork for a stronger market position. As liquidity and sentiment evolve, this growing utility could become a key driver for XRP's next bullish phase.