The XRP Ledger has experienced a significant surge in activity as of October 21, according to data from XRPScan. The number of active accounts has grown to 25,700, surpassing the 30-day average of 18,600. This resurgence indicates an approximate 12% increase in daily activity within the network.
Return of Dormant Wallets Fuels Activity
During the same period, 4,500 new accounts were created, reflecting a daily increase of 35.6%. However, the majority of active accounts stem from previously opened wallets rather than new users. Data suggests that returning users make up a higher proportion of active accounts compared to newcomers.
The resurgence in XRP Ledger activity is bolstered by the reactivation of dormant wallets, not just the influx of new accounts.
Serving as the fundamental blockchain infrastructure for the XRP ecosystem, the XRP Ledger is integral to payments, asset transfers, and various token transactions. Therefore, an increase in active accounts is a closely monitored indicator for assessing the overall usage pace of the network.
Robust Increase in Transaction Volume
Further supporting this uptick, other indicators within the network reported notable growth. Total transactions increased by 55.9% to reach 3.5 million, while completed transactions soared by 67.8% to 2.9 million. Transactions per ledger also rose by 61.5%, reaching 179.34, suggesting a heavier load on the network.
The amount of XRP burned due to transaction fees also increased by 20%, totaling 747.6 XRP. As network activity escalates, the corresponding rise in fees could modestly reduce the circulating supply.
Weakness in Payment Activity Persists
Despite these positive metrics, not all data painted an equally optimistic picture. The number of payments fell by 4.4%, declining to 741,900, and payment volume dropped by 49.6%, reaching 350.9 million XRP. The count of active users also decreased by 50%, settling at 85,200.
The surge in transactions appears to originate from smaller transfers, token activities, or automated occurrences rather than large-scale payments.
This discrepancy indicates that the network’s heightened activity is not directly fueled by large payment flows. Moreover, despite the recent increase in active accounts, it remains far from the historical peak of 106,000.
Market Price Lags Behind Network Data
XRP’s price fluctuated between $1.32 and $1.37 before stabilizing around $1.33. The price remaining below the $1.37 to $1.40 resistance band underscores that the network’s strengthening has yet to be fully reflected in market valuation. The $1.25 support level, tested earlier this month, remains under close observation.
The relative strength index stayed below the mid-level, and recent trading volumes have been subdued. If account activity maintains its upward trend for a few more days, it could signal a more sustained growth trend for the network.
