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The price of XRP has been volatile recently. Following a strong early-June rally that momentarily raised the price above important moving averages, the asset is currently retracing, and this decline may actually pave the way for the next significant spike. Recently, XRP surged above its 50-day and 100-day EMAs ($2.28 and $2.26), but it stalled just below the 200-day EMA at about $2.40 USDT on the daily chart.
Support for today's retrace is located close to the 100-day EMA, with the 50-day EMA serving as a secondary floor. If those levels hold, the 200-day EMA and the previous descending trendline around $2.60 are the next resistances to keep an eye on. Network usage is the true story behind this price reduction.
The highest daily total since early 2024 was reached on June 9, when the Stellar Data API recorded a record 1,109,289 XRP payments in a 24-hour period. The increase in transactions indicates more than just speculative trading; it also points to real demand and utility. According to history, these spikes in on-chain activity come before long-term rallies as new users join the network and current holders amass.
A clean retrace that adheres to the 50- and 100-day EMAs can concentrate tokens in the hands of dedicated players and flush out weaker hands, which is why pullbacks frequently frighten traders. XRP creates a solid foundation for a subsequent leg higher if it stabilizes above the $2.26-$2.28 range with a volume pickup.
A break below $2.26, on the other hand, would put the long-term 200-day EMA at risk of being retested at $2.08. Holding at $2.26 USDT (100-day EMA) is necessary to keep the bullish edge. On dips, keep an eye out for accumulation at $2.28 USDT (50-day EMA). For USDT, the next major supply and trendline resistance zone is between $2.60 points.