While XRP continues to trade on a significant positive side, burn activity in major altcoins is reportedly rapidly increasing. data According to CryptoQuant, this suggests that a larger price rally may be on the way.
XRP’s price has had the highest daily increase among the top 10 cryptocurrencies by market capitalization and appears to be on track for a major comeback, while major altcoins are seen retesting previous levels.
XRP soars 29.01% due to price surge
According to data provided by sources, XRP has seen a significant increase in the amount of XRP tokens burned as fees over the past day.
meanwhile XRP Prices surged amid changes in investor sentiment over the previous day, and this positive trend was accompanied by a significant spike in burn activity. The XRP burn spiked to 676XRP on October 24th after falling to 524XRP the previous day. This represents a significant 29% increase from the previous day.
The recent surge witnessed by this indicator is not impressive enough, as historical records show that XRP has experienced extremely high write volumes over the past few months, reaching around 4,000 XRP around May.
XRP restores hope to investors
Although XRP write activity has slowed in recent days, this signals a resurgence in on-chain activity for the token and raises hopes for a bigger price rally that could see XRP regain the crucial $3 level soon.
Nevertheless, it is important to note that an increase in burn rate signals an increase in demand for XRP, as it indicates the amount of transaction fees that have been permanently removed from circulation amid increased payment activity.
With Ripple’s recent acquisitions and expanding footprint in traditional finance, as well as its recent launches, ripple Prime, XRP is gaining more and more momentum and is gradually becoming one of the most in-demand cryptocurrencies.
Therefore, the asset’s surge in on-chain activity is not surprising as developments continue to drive more involvement in XRP, pushing the price to set new records by the end of the year.