The on-chain activity of XRP has skyrocketed, but the price is telling a different tale. The total amount of payments made on XRP Ledger surpassed 1.56 billion XRP on Oct. 11, marking one of the biggest payment surges in 2025. Although the market is buzzing about this spike, a closer examination of the data indicates that the move may not be the result of organic growth or real demand.
XRP transfers
The XRPL analytics dashboard shows that the payments volume, which calculates the total amount of XRP transferred between accounts, has soared to levels not seen in months. Instead of an increase in users or institutional utility, this activity appears to be primarily network-driven and may be related to automated system transfers or internal ledger rebalancing.
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Amid a wider market meltdown brought on by macroeconomic tensions such as the escalating U.S. tariffs clash, the token’s market value is still declining despite the increase in ledger activity, highlighting the discrepancy between network metrics and investor sentiment. This is echoed by technical indicators.
A consolidation wedge has been broken by XRP on the daily chart. It briefly broke through the 200-day moving average before marginally recovering. Though history indicates that XRP can stay in this zone for prolonged periods of time during bearish phases, the RSI, which is currently hovering around 28, indicates that the market is severely oversold.
Panic or controlled sellout?
The drop’s panic-driven character is further supported by volume profiles, which show a high level of liquidation and no indication of long-term buying support. Even though XRPL activity has increased, traders seem to be taking advantage of the chance to sell rather than buy.
Hence, even though XRP’s on-chain metrics are skyrocketing, the liquidity structure and underlying price action point to internal movement rather than adoption. Until the surge in ledger activity is supported by external demand or real payment utility, the price is unlikely to follow.
To put it briefly, XRP may be soaring on the chain, but not where it counts.
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