XRP rose above $1.60 on 22 September for the first time since 4 February, as blockchain analytics company Santiment recorded 1,917 transactions worth at least $100,000.
The move marked the highest number of such large transactions in about a month. Santiment also recorded 3,647 new XRP wallets during the rise, pointing to increased activity across the network.
However, the figures do not show whether large holders were buying or selling. The transfers could also have involved funds moving between wallets controlled by the same organisation. Similarly, the number of new wallets does not represent a confirmed count of new market participants, as addresses can be created for several different purposes.
The latest increase followed an 8.7% rise on 21 September, when XRP reached about $1.54. Trader Peter Brandt shared a chart suggesting a longer-term move towards $5.40, but that figure remains his interpretation of the chart rather than a price reached in trading.
Wallet creation provides a separate measure of activity from the value and number of large transfers. New addresses may reflect fresh users, exchange operations or existing holders separating their funds. Santiment’s figures therefore indicate growth in network activity without identifying the owners or intentions behind the addresses.
Trading activity on South Korean exchange Upbit was also strong before XRP moved above $1.60. XRP recorded about $350m in trading volume on the platform on 21 September, compared with roughly $225.8m for bitcoin.
That comparison shows substantial turnover for XRP in one market, but trading volume includes both purchases and sales. It is also distinct from Santiment’s measure of large on-chain transfers. Price, exchange volume and blockchain data each describe different aspects of the market, and none alone establishes the net position taken by large holders.
XRP Ledger activity and investment products
Santiment also highlighted roughly $4.26bn in tokenised-asset and RLUSD balances on the XRP Ledger. Ripple reported $2,395.6m of RLUSD in circulation on 3 September.
About $1.05bn of RLUSD was held on the XRP Ledger on 14 September, compared with roughly $1.37bn on Ethereum. Those figures show how the stablecoin was distributed between the two networks at that time, rather than its total circulation across all networks.
XRP is used on the ledger to facilitate transactions and provide access to network features, linking the native token to the network’s operation.
US investors can already buy several XRP exchange-traded funds, including products from Bitwise, Franklin Templeton and Grayscale. Bitwise filed a post-effective amendment to its XRP ETF registration statement with the US Securities and Exchange Commission on 18 September.
US spot XRP ETFs recorded $9.56m in net inflows across the five sessions ending 18 September. That extended their run of weekly inflows to 10 weeks, while cumulative net inflows eased to about $1.71bn after briefly reaching a record $1.72bn on 16 September.
Evernorth has agreed to issue a $30m convertible note to fund XRP purchases and wider ecosystem activity.
