Although XRP has continued to struggle amid the persisting crypto market volatility, onchain data from XRPScan shows that its network activity remains impressive.
While users have continued to engage with the XRP ledger as market sentiment begins to shift, the data shows a notable increase in the amount of XRP burned as fees over the last day.
Over 1,821 XRP burned in 24 hours
The data shows that XRP has just recorded the highest number of XRP burned as fees in the last month, on November 3, marking a major rebound in XRP ledger network activity.
With transaction fees burned on the XRP Ledger increasing from 250.37 XRP on October 4 to 1,821.11 XRP on November 3, this shows that XRP's daily burn rate has surged by 627% in one month.
This signals renewed bullish sentiment around XRP as the broader crypto market begins to witness an easing of selling pressure after a prolonged period of volatility.
While this suggests better participation on the network this month than in October, it has further raised bullish expectations among market watchers that the growing network activity could fuel a major recovery for XRP.
XRP supply is shrinking
Apart from the expectations of market participants, increases in burn activity could also be interpreted as a potential bullish signal for XRP, as it typically drives scarcity while boosting demand.
Further data shows that the massive monthly increase has also been accompanied by daily increases as XRP begins to show signs of recovery.
With over 1,821 XRP burned on November 3, this marks a 38.5% increase from the previous day and was more than double the 30-day average of 773.4 XRP.
This shows a substantial increase in the amount of XRP permanently removed from circulation through network transaction fees.
