XRP Shows Bullish Momentum as Wallet Growth Hits Record
- XRP Ledger records its fastest wallet growth since January, showing revived user demand.
- XRP rebounds within a descending channel as buying pressure starts to rebuild momentum.
- Franklin Templeton and Canary Capital push ahead with XRP ETF filings this November.
XRP is experiencing its strongest expansion since January, marking a renewed phase of network activity and user engagement. On-chain data from Santiment confirmed that 21,595 new XRP wallets were created within just 48 hours, signaling a sharp rise in adoption and participation across the ecosystem. This surge represents the highest growth level in nearly eight months and aligns with a 12% rebound in XRP’s market performance.
Growth Drives Renewed Market Momentum
Early in November, Santiment’s analysis revealed a rise in the network growth trend. The upsurge was simultaneous with the price rise of XRP, hence the implication of the correlation between the opening of new wallets and the restoration of investor trust. Santiment remarked that wallet movement is usually a reflection of the increasing developer and retail participation across the blockchain. The price of XRP rose from $2.08 to $2.34 within this time frame, thus signaling that investors are once again optimistic.
Source: X
Spikes in wallet creation have typically occurred just before an increase in transaction volume and on-chain utility. Analysts point to the growing use cases in the form of cross-border payments as well as the institutional interest towards Ripple’s technology for the explanation of this pattern. The trend also implies that the ecosystem is still winning new users even with the larger market volatility.
Mild Rebound but Faces Channel Resistance
The price of XRP has risen slightly following the network expansion and recent market pressure. The TradingView (Binance: XRP/USDT) charts show that, at press time, XRP is selling at $2.34, a decline of just 0.13% in the last 24 hours. Nevertheless, it is still a rebound from the lows around $2.06. The coin has been oscillating inside a descending channel, which means that the sellers are still the ones operating in the market while the buyers are slowly coming back.
Source: TradingView
The technical analysis noted two major resistance areas at $2.69 and $3.12, which are still keeping the price under control. As it stands now, XRP is evaluating the 0.618 Fibonacci retracement level ($2.30), which is frequently recognized as a decisive limit that can influence the short-term trend. If the coin manages to hold above this level, its next target will be $2.48 (Fib 0.786); on the contrary, if it fails to maintain, you’ll see another fall to either $2.06 (Fib 0.382) or $1.91 (Fib 0.236).
Currently, the Relative Strength Index (RSI) is at 41.75, and the signal line is at 45.46, which indicates a potential turnaround from the oversold situation. The RSI is still below the neutral 50 level; however, it illustrates that there would be an increase in buying if the support levels that are tested do not break. Analysts say that XRP’s strength mainly depends on its ability to reach above the declining resistance line, thus affirming the change of direction in the short term.
Related: India’s Madras HC Upholds XRP as Digital Property in Law
Franklin Templeton Advances XRP ETF
Institutional activity is gaining traction as Franklin Templeton filed another S-1 amendment with the U.S. Securities and Exchange Commission (SEC) for its XRP exchange-traded fund (ETF). According to Bloomberg ETF analyst James Seyffart, the revised filing includes condensed 8(a) language, allowing automatic registration once specific conditions are fulfilled. Franklin Templeton plans to launch the ETF before the end of the month, adding momentum to XRP’s institutional narrative.
The filing follows a series of similar moves from other issuers. Canary Capital, another asset management firm, also submitted an updated S-1 filing for its spot XRP ETF last week. The company targets a market debut around November 13, signaling growing institutional confidence in XRP-based products.
Analysts are now looking at XRP’s technical charts very closely as the number of financial institutions that participate in the digital currency increases. According to market analyst ChartNerd, the chart patterns are similar to the setup that preceded last year’s big price increase. This situation, combined with increasing network participation, still attracts the interest of traders and institutional investors.
