06/01/26

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Recent on-chain developments indicate a notable increase in new wallet activity on the XRP Ledger. Over a two-day period, approximately 21,595 new addresses were created, representing the most substantial growth in eight months. This surge in account creation occurred amid a price rebound from recent lows, climbing from around $2.06 to approximately $2.33, a gain of about 13%.

The emergence of new wallets has drawn significant market attention, particularly because it contrasts with recent patterns of heavy selling activity by long-term holders. During the prior sell-off phase, these investors were unloading roughly 260 million XRP daily. The current pattern, characterized by an influx of fresh addresses while prices recover, suggests a possible division among market participants. Some traders may be engaging in loss mitigation by selling off holdings, while others are positioning themselves to benefit from the dip.

Market data indicates that total wallet addresses have grown to approximately 7.226 million, with projections pointing toward 7.5 million in the near term. The increased creation of wallets is viewed as a potentially bullish signal, often associated with heightened interest and accumulation phases. Historically, similar surges in wallet growth have preceded price rallies, notably a move to a yearly high of $3.66 following a comparable pattern.

Speculation surrounding an imminent Bitcoin ETF approval is also influencing market sentiment. Rumors of a potential U.S. launch date in mid-November are fueling expectations of increased institutional participation. In the XRP community, some analysts are speculating on significant upward targets, with technical scenarios proposing potential price levels extending to $10 or even $50, though these remain speculative.

Despite encouraging signs, overall market volatility persists. A recent sharp correction saw the total market capitalization decline by nearly $350 billion between November 3 and 4, with XRP experiencing a 13.16% decrease to approximately $2.20. While a rebound is underway, investors are advised to remain cautious, monitoring wallet distributions, trading volumes, and regulatory developments to gauge the sustainability of the current price movements.