XRP has experienced a 5% increase over the past 24 hours and a 16% rise from its February 28 low, forming a cup-and-handle pattern that suggests a potential move toward $1.72. According to NS3.AI, XRP Ledger payment transactions have decreased from approximately 2.18 million in early February to around 1.03 million. Concurrently, on-chain DEX volume has declined from $30.85 million to about $5.09 million. Exchange net flows have shifted back to inflows, and XRP futures open interest has increased by about 18% with positive funding. This indicates that the rally is more reliant on leverage as liquidity and AMM TVL decrease.