From Coinpedia · By Sahana Vibhute
Story HighlightsXRP recorded 7,934 new wallets, while payment volume reportedly surged to 1.33 billion XRP, signalling increased network activity.
Ripple's institutional developments and expanding XRPL ecosystem strengthen the long-term adoption narrative, although direct XRP demand remains uncertain.
XRP must defend the $1.23 to $1.26 support zone and reclaim resistance to confirm a potential recovery, with $1.50 remaining a key upside hurdle.
XRP price is trading near $1.25, with its price struggling to regain bullish momentum despite growing activity across the XRP Ledger. The latest Binance security breach, involving approximately $6.3 billion in stolen assets, has added another layer of uncertainty to the market, triggering significant customer outflows from the exchange.
Advertisement However, Binance has since reported that XRP is among the assets fully backed at a minimum 1:1 ratio under its latest Proof of Reserves verification. While this offers some reassurance to customers, it does not necessarily signal fresh buying demand for XRP. Meanwhile, network activity is picking up, raising an important question:
Could the surge in XRP adoption support a price recovery, or will bearish technical conditions continue to weigh on the token?
XRP Network Activity Gains Momentum
While XRP’s price continues to hover near $1.25, activity across the XRP Ledger is showing encouraging signs of growth. Recent on-chain data points to an increase in wallet creation and payment activity, adding to the broader adoption narrative.
Wallet Creation Accelerates:
The XRP Ledger recorded 7,934 new wallets on November 1, marking its sixth-largest daily increase of 2026, according to Santiment. The figure was more than double the recent 30-day average of approximately 3,500 new accounts. The increase is particularly notable, as it occurred on a Sunday, typically a quieter day for crypto network activity.
Payment Volume Records A Sharp Increase:
As per data from XRPScan, XRP’s reported payment volume climbed from approximately 229 million to 1.33 billion XRP within 24 hours. This points to a significant increase in transaction activity across the network. However, the surge needs further examination to determine whether it reflects organic payment adoption, large wallet transfers or exchange-related movements.
Institutional Adoption Strengthens the Ecosystem Narrative:
Ripple’s regulatory progress, banking relationships and developments around institutional custody are adding to the longer-term adoption outlook. Meanwhile, the broader tokenization push and XRPL’s expanding DeFi ecosystem could create additional use cases for the network. However, these developments do not automatically translate into direct buying demand for XRP.