XRP network activity and token burn rates increase

Transaction activity on the XRP Ledger has seen a recent surge, leading to a significant increase in the amount of XRP burned through transaction fees. Data from XRPScan indicates that the daily burn reached 1,114.97 XRP on October 23, representing a 27.5% increase from the previous day and marking a two-week high. This figure also exceeds the 30-day average of 808.1 XRP.

On the market side, technical indicators show the XRP/USD pair entering a period of consolidation. Bollinger Bands on the weekly chart have narrowed, with the price currently trading around $1.31 and facing resistance between $1.37 and $1.40. While some market participants look for a move toward $2.00, prediction platforms like Polymarket place the probability of reaching that level this month at only 10%. Analysts suggest that the current technical structure resembles previous accumulation periods, which may require a longer timeframe for significant price movement.