XRP Ledger Sees Unprecedented Account Boom as Token Hits $1.65
New account activations on the XRP Ledger reached an unexpected high of 11,432 in one day, more than four times the network's 30-day average. The sudden surge occurred as the token briefly touched $1.65.
The cause behind the increase is unclear, but crypto analyst Arman Shirinyan noted that the real test will be whether this activity lasts or quickly drops back to normal levels. He pointed out that price action has not settled the question of demand for XRP yet.
As of now, XRP trades near $1.54, up about 16% over seven days, after a brief spike to $1.65 was met with selling pressure. The recent breakout from a range that had capped it since late August has pushed the token above its old resistance line at around $1.40.
The XRP Ledger's record of new account activations is still below its all-time high, but this reading ranks among the largest spikes of the past year. It remains to be seen whether this surge will translate into lasting demand for the token or if it was just a temporary anomaly.