XRP Pushes Above $1.60 as Network Activity Picks Up

Ripple’s XRP climbed above $1.60 on Tuesday for the first time since early February, aside from a brief uptick in August, as network activity increased alongside the price move. Data from blockchain analytics firm Santiment showed a rise in large transactions and the creation of thousands of new XRP addresses during the latest advance.

The firm recorded 1,917 XRP transactions worth at least $100,000, the highest level of such activity in roughly a month. While the figure points to increased activity among larger holders, Santiment noted that the transfers do not reveal whether whales were buying or selling.

XRP Network Activity Picks Up

The network also added 3,647 new XRP addresses during the period tracked by the analytics firm. That increase suggests participation extended beyond existing users, although new addresses do not necessarily represent new investors or independent individuals.

Santiment’s data covering mid-April to late September showed both whale transaction activity and network growth rising as XRP moved above $1.60. At its latest snapshot, XRP traded near $1.60, with 2,479 new addresses and 1,281 whale transactions.

Beyond wallet and whale activity, the XRP Ledger has also continued to expand across tokenized assets and stablecoins. Tokenized assets and RLUSD balances on the network recently reached about $4.26 billion. Ripple has reported roughly $2.4 billion of RLUSD in circulation.

Interest in XRP has also extended into investment products. Bitwise filed an updated registration for an XRP exchange-traded fund with the U.S. Securities and Exchange Commission on September 18. The filing adds to a market that already includes several XRP exchange-traded products.

Whale Activity Gets Mixed Readings

The whale data has drawn different interpretations from market observers. One view is that 1,917 large transactions remain relatively small compared with XRP’s market capitalization of about $99 billion. Others see the increase in new addresses as a broader sign of network participation.

The 12.6% rise in XRP over seven days when the data was assessed also makes the increase in large transfers harder to interpret as clear accumulation. Santiment said the combination of price growth, address creation, whale activity and expanding infrastructure could remain important if those trends continue.