[DigitalToday reporter Hyunwoo Choo (추현우)] XRP Ledger payment volume rose 153.9 percent over the past 24 hours to 363.3 million XRP. U.Today, a blockchain media outlet, reported on Oct. 13 that XRP fell to $1.31 on the daily chart and is trading around $1.36 as it attempts a short-term rebound.

Buying interest came in near the moving average around $1.34. That zone acted as support, and after several bearish candles the current candle has turned bullish.

Still, it is difficult to conclude this rise marks a strong trend reversal. The 363.3 million XRP figure is below the 30-day average payment volume of 680.4 million XRP. The 153.9 percent jump also largely reflects a base effect from very low payment volume the previous day. XRP Ledger's record payment volume is 7 billion XRP.

On an annual basis, XRP Ledger payment volume has typically seen large swings. A pattern has repeated in which it rose above 1.5 billion XRP before falling again below 500 million XRP. The biggest increase periods were November and February, when payment volumes came to about 2.5 billion XRP and 2.7 billion XRP, respectively. Another rise of about 1.9 billion XRP appeared once in September.

This move is drawing attention because it coincided with a price correction. XRP fell from around $1.65 in late September to the low $1.30s. RSI showed weak momentum around 40, but not to the extent it appeared to be a strong capitulation phase. With trading volume on the price chart also down in October, the key question is whether the rise in on-chain activity is an early signal of recovering demand.

On the upside, the $1.38 to $1.40 zone is expected to be the next test. If XRP closes above that area, it would regain key moving averages and leave room for additional rebounds to $1.45 and $1.50. If it fails to break above the zone, it must hold the $1.31 low. A drop below $1.31 could weaken the strength of the recent rebound.