As XRP continues to trade strongly on the positive side, the leading altcoin has experienced a sharp surge in its burn activity. According to data from CryptoQuant, this increase suggests that a bigger price rally might be underway.
XRP is currently showing the highest daily gains among the top 10 cryptocurrencies by market capitalization, indicating a significant comeback. The altcoin is also retesting previous price levels, signaling renewed investor interest.
### XRP Surges 29.01% as Price Spikes
Data indicates that XRP has seen a notable increase in the number of tokens burned as transaction fees over the past day. On October 24, XRP burns rose sharply to 676 XRP, up from 524 XRP the previous day. This represents a 29% increase in burn volume within 24 hours.
While this is a positive move, it is worth noting that XRP’s burn volumes have reached much higher levels in the past months. For example, back in May, burn activity peaked at around 4,000 XRP. Compared to that, the recent rise is modest but still significant.
### XRP Restores Hope for Investors
Although recent burn activity has been relatively slow, the upward trend signals a resurgence in XRP’s on-chain activity. This fuels optimism for a potential price rally that could push XRP back toward the crucial $3 mark soon.
The growth in XRP’s burn rate reflects increasing demand for the token, as it represents the volume of transaction fees permanently removed from circulation amid heightened payment activity.
Several developments support XRP’s growing momentum. Ripple’s recent acquisition, its expanding presence in traditional finance, and the launch of Ripple Prime have all contributed to higher engagement and adoption. As a result, XRP is gradually becoming one of the most sought-after cryptocurrencies in the market.
Given these positive trends, the surge in XRP’s on-chain activity is no surprise. These factors continue to drive strong investor interest, helping XRP set new price records as the year progresses.
https://u.today/xrps-burn-rate-accompanies-price-in-major-comeback
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