As XRP continues to trade heavily on the positive side, the leading altcoin has seen a sharp surge in its burn activity, according to data from CryptoQuant, suggesting that a bigger price surge might be underway.
While XRP appears to be on track for a major comeback as its price shows the highest daily gains among the top 10 cryptocurrencies by market capitalization, the leading altcoin is seen retesting previous levels.
XRP surges 29.01% as price spikes
According to data provided by the source, XRP has seen a decent increase in the quantity of XRP tokens burned as fees over the last day.
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While XRP saw a sharp resurgence in its price amid shifting investor sentiment over the last day, the positive trend was accompanied by a major surge in its burn activity. XRP burns saw a sharp rise to 676 XRP on Oct. 24 after falling to 524 XRP the previous day. This marks a decent increase of 29% over the last day.
With historical records showing that XRP had recorded significantly high burn volumes in the past months, hitting about 4,000 XRP around May, the recent surge witnessed in the metric is not impressive enough.
XRP restores hope to investors
Although the XRP burn activity in recent days has been moving slow, it signals resurgence in the token’s on-chain activity, fueling hopes for a bigger price rally that could see XRP reclaim the crucial $3 level soon.
Nonetheless, it is important to note that the growth in its burn rate suggests growing demand for XRP as it showcases the volume of transaction fees permanently removed from circulation amid heightened payment activity.
With Ripple’s recent acquisition, coupled with its growing footprint in traditional finance and the recent launch of Ripple Prime, XRP is increasingly garnering momentum, gradually becoming one of the most demanded cryptocurrencies.
Hence, the surge in the asset’s on-chain activity is no surprise as the developments have continued to spur more engagement for XRP, propelling its price to setting new records before the year ends.
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