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Data indicates that the number of newly activated accounts doubled in a matter of days, indicating a dramatic on-chain surge in new user activity on XRP's network. Almost 9,900 new accounts were registered by XRP on Oct. 30, which was one of the biggest single-day increases in months.
XRP payments skyrocket
Although the underlying cause is still unknown, this spike is consistent with an increase in transactional activity and payment volume throughout the network, suggesting a resurgence of user interest. On-chain data shows that on Nov. 1, the number of payments between accounts exceeded 1 million, and the payment volume increased to more than 1.2 billion XRP.
Increased network utility is usually indicated by such synchronized growth in both new accounts and transaction volume, indicating that new users are actively transacting rather than merely speculating. Technically, this fundamental increase has only slightly affected XRP’s price. After weeks of declining pressure, the token now trades at about $2.52, forming a mildly rising structure.
XRP EMAs locked
The 100-day and 200-day moving averages are located at $2.70-$2.80, where the chart displays a distinct ascending support line with resistance. A break above these could lead to $3.00, but if the upward momentum is not sustained, there is a chance of another decline toward $2.35.
It is still unclear what’s driving this network-wide renaissance. It might be an indication of fresh institutional testing of Ripple’s international payment options, especially in advance of possible regulatory clarification. Alternatively, it might be the result of retail users getting back involved following XRP’s protracted underperformance in comparison to other significant assets.
But sustainability is still the crucial issue, in spite of these positive on-chain spikes. Long-term growth is not assured by a sudden spike in new accounts or payment volume, particularly if it is not followed by consistent retention and liquidity inflows.
As of right now, the technical picture encourages cautious optimism, and XRP’s fundamentals show a glimmer of life. If this increase in users turns out to be real rather than fleeting, it may signal the start of new ecosystem expansion and possibly the beginning of a more robust recovery phase for XRP.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team