XRP Sees Whale Accumulation and Surge in Activity – What’s Next?
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XRP, known for its role in low-cost cross-border payments, has seen a resurgence in activity, with active accounts on the XRP Ledger (XRPL) hitting a seven-month high.
Data from CryptoQuant reveals that active accounts rose from under 10,000 in early October to over 24,000 by November 1, a level last seen in March 2024. This uptick suggests renewed interest in XRP, though the direction of price depends on whether the activity is driven by buying or selling.
In parallel, XRP has seen substantial whale accumulation, with large holders adding around 390 million XRP (worth approximately $198.9 million) to their wallets over two weeks, a bullish signal that could support the price if these investors hold long term.
Despite these positive on-chain metrics, XRP’s price recently dropped from a high of $0.53 on October 29, dipping to the $0.50 support level before a mild recovery.
The market is also being influenced by the U.S. presidential election outcome, which some analysts say could boost sentiment if it favors crypto-friendly policies.
As such, while XRP has underperformed year-to-date, the recent rise in network activity and whale accumulation points to a potentially positive outlook, with external factors like the election outcome also playing a role. Investors remain watchful, hoping these metrics translate into sustained growth.
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