XRP Ledger activity rises alongside whale accumulation

The XRP Ledger is seeing a sharp uptick in network activity, with both user engagement and large holder participation on the rise.

In a June 17 post, blockchain analytics firm Santiment reported that the number of daily interacting XRP (XRP) addresses has averaged over 295,000 in the past week.This is a sharp jump from the typical 35,000 to 40,000 seen over the past three months.

Along with the increase in usage, for the first time in the network’s 12-year history, there are more than 2,700 wallets with at least one million XRP. This rise in big holders suggests that high-stakes players are becoming more interested, which is often interpreted as a sign of increased confidence in a network’s prospects.

Over the last seven days, XRP has ranged between $2.10 and $2.32. The token is trading at $2.2373 at press time, up 2.7% in the past 24 hours. Market activity has picked up in the last day, with XRP registering a 248% increase in trading activity.

Coinglass data shows that while open interest has increased by 3% to $4.02 billion, derivatives volume has increased by nearly 300% to $9.57 billion. This suggests a wave of short-term trading activity, with traders entering and exiting positions rapidly rather than building long-term bets.

From a technical perspective, XRP is moving sideways with mixed signals across indicators. It continues to show modest upward momentum above important short-term moving averages, such as the 10- and 20-day EMA and SMA. However, XRP is at a technical crossroads as longer-term averages like the 50-day and 100-day EMAs continue to lean bearish.

At 50.19, the relative strength index is currently in a neutral position. While the Awesome Oscillator is still in negative territory, other momentum indicators like the MACD and Stochastic RSI indicate that volatility is limited. Volume has increased and the price is consolidating close to the middle of its Bollinger Bands, which could result in a stronger move if either bulls or bears gain control.

If buying pressure continues, a break above $2.32 could push XRP toward the next resistance zone. On the other hand, a drop below $2.20 might test support near $2.08. Although the direction is still unknown, the market seems to be getting ready for a bigger shift given the increased ledger activity and the higher number of large wallets holding XRP than ever before.