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According to XRPScan, XRP Ledger payments volume rises again, reaching 1.16 billion XRP on November 9.
XRP's payment volume is up 207.4% over 24 hours, sitting far below its all-time high of 7 billion. Payments volume growth is substantial, but not record-breaking by any means, with the 30-day average at 580.6 million XRP.
Volume surges with volatility
It's important to keep in mind that it's coming due to the transition from the weekend trading session to Monday, and volume spikes are normal here. This isn't the first spike either: on October 30, the ledger moved around 1.8 billion XRP.
Late September was even busier, with payments volume reaching around 1.9 billion XRP on September 25, so the current growth is nothing new for the ledger. In October, things were essentially the opposite: volume was struggling to stay above 800 million XRP, and on October 24 it almost dropped to zero.
XRP's price is volatile
XRP price, however, is moving the other way, with the bear market getting worse over the past weeks and the asset losing a substantial part of its value.
Price is already struggling, trading at $1.09, and could be teetering on the edge of the $1 threshold, which, if broken, essentially enables a rapid decrease. XRP hasn't been below $1 since mid-August, when it dropped under that level for the first time since November 2024. If the threshold breaks this time, the drop most likely won't be a short one, as the bear market keeps aggravating.
Growing payments volume reflects growing fear among investors, who are most likely moving funds to exchanges in order to liquidate their coins. Volume is already going back down towards 300 million XRP on November 10, though the day isn't over yet, so the spike might be short-lived.
Payments volume rises, but so does the bear market pressure, with a possibility of a further downturn that can make things worse than they already are.