With daily payments getting close to one million following a significant 24-hour increase, $XRP Ledger is getting closer to another significant network-activity milestone. The network processed 879,868 payments on September 1, according to XRPSCAN data, thereby bringing activity close to 890,000.
$XRP Ledger moves up
The 30-day average is still significantly lower at about 686,800 payments, but the most recent reading shows a 33.6 percent increase over the previous day. The difference is important. Currently, $XRP Ledger is processing about 193,000 more payments every day than its recent average, indicating that the most recent increase is greater than typical daily fluctuation. A further 13.7% increase in activity from September's figure would push the network past a notable threshold.
With that figure, XRPL would surpass the psychologically significant daily payment threshold of one million. Activity on the $XRP Ledger is increasing. The one-year graph adds more background. After significantly increased activity earlier in the year, daily payments have spent the majority of the recent period between approximately 500,000 and one million.
Payments exceeded 1.5 million during a number of periods between February and May, with the biggest spike exceeding two million. One million payments would therefore not be an all-time high. According to XRPSCAN, the historical peak is roughly six million. Regaining seven-digit daily activity, however, would be a significant improvement over the poorer conditions noted in June and July.
A more cautious story is currently being told by price action. After an explosive August breakout that momentarily elevated the asset above $1.50, $XRP has dropped to about $1.32. More significantly, with the most recent candle falling below the 200-day EMA at $1.35, $XRP is currently testing it.
Moving averages hit
It is worthwhile to keep an eye on the divergence between rising network payments and declining short-term price performance. The larger recovery structure has not entirely failed because $XRP continues to trade comfortably above its shorter moving averages, such as the 50-day EMA around $1.28 and the 100-day EMA around $1.22.
$XRP would have a chance to stabilize and challenge $1.35 once more if it held the $1.27–$1.28 range. However, a drop to $1.21–$1.22 might be revealed by a more thorough pullback. In the meantime, a positive fundamental signal is given by XRPL's payment recovery.
The network would be back above one million daily payments with another relatively small increase, indicating that activity has significantly recovered from its summer lows.