XRP Ledger payments volume reached 1.16 billion XRP on November 9, marking a 207.4% increase over the preceding 24-hour period, according to U.Today.
The data, sourced from XRPScan, indicates a significant surge in network activity, although the figure remains well below the all-time high of 7 billion XRP. The 30-day average for payments volume stands at 580.6 million XRP, placing the November 9 spike well above the recent baseline but within the range of previous peaks.
Weekend Transition Drives Spike
The increase in volume is attributed to the transition from the weekend trading session to Monday, a period when such spikes are common. This is not the first instance of elevated activity on the ledger. On October 30, the network moved approximately 1.8 billion XRP. Late September saw even higher activity, with payments volume reaching around 1.9 billion XRP on September 25.
In contrast, October presented a different dynamic. Volume struggled to maintain levels above 800 million XRP throughout the month. On October 24, payments volume nearly dropped to zero, highlighting the volatility in network usage patterns.
Price Hovers Near Support
While payments volume rose, XRP price action moved in the opposite direction. The asset is currently trading at $1.09, teetering on the edge of the $1 threshold. XRP has not traded below $1 since mid-August, when it first dipped under that level since November 2024. A break below $1 could enable a rapid decrease in price, particularly as the bear market continues to exert pressure.
The growing payments volume is interpreted as a reflection of increasing fear among investors, who are likely moving funds to exchanges to liquidate their coins. As of November 10, volume was trending back down towards 300 million XRP, though the day was not yet complete, leaving open the possibility that the spike was short-lived.
