On-chain metrics show nearly 20% increases in XRP Ledger transaction counts and payment volumes amid rising network activity. Market participants are awaiting Feb. 8 XRP ETF results, which could materially move price and sentiment; historic ETF-related flows (e.g., roughly $500M outflows from Bitcoin ETFs) have produced sharp market moves. The ledger spike may reflect renewed adoption or heavy token movement to exchanges — a turning point where steady ETF inflows and improved sentiment could support recovery, while continued distribution would risk further downside.

Summary facts: XRP Ledger transactions and payment volumes rose nearly 20%; Feb. 8 XRP ETF results are pending and could strongly influence price; prior ETF flows (≈$500M outflows from Bitcoin ETFs) have driven sharp moves. These concrete on-chain increases and an imminent ETF decision make the article moderately actionable for short-term traders, but the summary also notes distribution risk, limiting bullish confidence.