XRP Burn Rate Surges 36% as Price Breaks Key Resistance

XRP is gaining the spotlight since it began to flash signs of a major price breakout. This has continued to drive an incredible surge in its network activity.

Following the rapid price increase seen yesterday, data from crypto analytics platform, Cryptoquant, shows that the XRP burn metric has surged by over 36% in the last day.

After sitting at around 415 on May 13, the amount of XRP burned as fees had surged to 565 as of May 14, marking a significant increase of 36.14% in the XRP burn rate.

XRP breaks key resistance 

While XRP has been showing decent price gains over the week, it pulled an explosive move on Thursday, May 14, surging by over 11% within 24 hours.

This rapid price surge saw the asset break its key resistance at around $1.50, jumping from an intraday low of $1.4213 to $1.5474 within a few hours.

This parabolic price move saw XRP outperform other top cryptocurrencies like Bitcoin and Ethereum within the 24-hour trading period, signaling surging demand for the leading altcoin.

Although the major influence behind XRP’s rapid price surge remains uncertain, market participants believe that the asset is seeing increased demand from both retail and institutional investors.

What to expect for XRP?

While XRP has traded majorly on the bullish territory this month, the asset is expected to deliver bigger price returns for May, surpassing the monthly gains seen so far this year.

As of the time of writing, XRP is already projecting a 7.77% gain for the month; this marks the highest monthly return recorded so far in 2024.

While a bigger price move is expected in the coming days, the month might turn out to become XRP’s strongest month so far.