Santiment shared a chart on X on Thursday, showing a rapid acceleration in new wallet creation on the XRP Ledger in what it found was the largest two-day expansion since July, which peaked at about 19,700 wallets.
According to Santiment Feed’s analysis, the XRP Ledger has witnessed its strongest 48-hour user wallet growth in eight months, with 21,595 new wallets created in the last two days.
XRP’s market price climbed 10% over a 24-hour span as investors rushed to buy the dip following a brief correction, according to Coingecko data.
Santiment charts show that between October 6 and November 6, the XRP Ledger recorded between 1.3 million and 1.9 million daily transactions. XRPL activity peaked around November 3, when nearly 1.9 million transactions were processed in a single day.
The momentum eased slightly to 1.7 million on Wednesday, when XRP fell to a week’s low of $ 2.09 on Bitstamp. The coin’s market value slid from Monday’s $2.50 to $2.20 on Tuesday, before further pressure took it down to levels below $2.10. By the time US trading opened on Wednesday, the token had found its way back to $2.30.
XRP whales let go of holdings during market turmoil
Several market analytical platforms have reported that retail participation has helped XRP grow to $2.3, but large-scale holders have been dragging the third-largest coin by market cap downwards. moving in the opposite direction in the last seven days.
Market analyst Ali Martinez said on Tuesday that whale addresses holding between 100 million and 1 billion XRP coins had cut down their positions by approximately 900,000 tokens in a five-day span.
CryptoQuant’s Whale to Exchange Flow (Total) for Binance chart, a measure of large transfers to exchanges, showed a sustained uptick beginning in late 2024. Contributor ArabChain believes this is a bearish indicator because whales are seemingly offloading their positions into strength.
The whale to exchange flow peaked near XRP’s all-time highs in early November, with the 100-day simple moving average also reaching record territory, buoyed by a selling spree from early investors and institutions purportedly trying to take profits.
Amid the positive price correction, XRP Ledger’s built-in decentralized exchange (DEX) processed 954,000 transactions in the 24 hours ending Tuesday, the highest ever recorded on the network.
XRP short-term analysis: More downward price blows ahead
However, despite the increase in network engagement, XRP’s price action is not quite moving in line with the strength of its fundamentals. The token’s recent attempts to breach resistance levels have repeatedly failed, which could mean its upward momentum is more muted in the short term.
XRP is facing strong resistance between $2.65 and $2.75, after failing to breach the cap in several trading sessions. The XRPL token’s current price action shows the asset consolidating just below the $2.32 level after bouncing off the support around $2.15.
Market watchers are keeping a closer look at the $2.35 resistance level, with bulls hoping that a decisive close above this threshold before Friday’s close triggers a short-term squeeze toward $2.50. If XRP crumbles and fails to maintain its 10% upward price charge, the token risks another retracement to the $2.15 or even $2.00 zone.
In other related news, the token’s parent company, Ripple, secured $500 million through a funding round that took its valuation to $40 billion, more than triple its previous $11.3 billion in October.
Cryptopolitan reported on Wednesday that Fortress Investment Group and Citadel Securities led the round, alongside Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.
