Ripple’s native currency, XRP, has recently bounced back to $2.33, recovering from a significant downturn after notable activity on the XRP Ledger. This resurgence follows a week where the token experienced a drop exceeding double digits due to broader market pressures.

Recent market data from Santiment reveals that 21,595 new XRP wallets were created within just two days, marking the highest growth in eight months. This increase coincided with a 12% price spike within 24 hours, benefitting those who had invested during the recent debacle.

On-Chain Transactions and Wallet Activity

Between October 6 and November 6, transaction counts on the XRP Ledger fluctuated between 1.3 million and 1.9 million. The peak activity occurred on November 3, reaching nearly 1.9 million transactions before tapering off to 1.7 million by November 5. During this timeframe, XRP’s price dropped from $2.50 to $2.20, eventually stabilizing at $2.3.

XRP Ledger Transaction Count Source: CryptoQuant

While the price dipped, the high transaction counts indicated robust on-chain activity. The influx of new wallets suggests a growing user base engaging with the network.

Furthermore, on November 4, the XRP Ledger facilitated a record 954,000 transactions in one day via its built-in decentralized exchange (DEX), showcasing one of the busiest trading periods for XRP in recent months despite ongoing price pressure.

Additionally, it was noted that around 900,000 XRP tokens were sold by large holders over a five-day period, potentially impacting market sentiment after they shifted their holdings to exchanges.

Analyst Projections and Market Landscape

Analyst Javon Marks noted potential price targets for XRP ranging from $5.76 to $9.73, based on historical breakout patterns. This pattern has been evident in past market cycles, where prolonged consolidation phases led to asset surges. Current trading structures align with these projections.

Analyst EGRAG CRYPTO also highlighted that if XRP maintains a trading range above $1.94, it could signify an accumulation zone, with projections of potential targets stretching beyond $10 to as high as $50 if a breakout occurs.

In the immediate future, CryptoWZRD pointed out strong daily closes for both XRP and XRPBTC, establishing $2.75 as key resistance and $2.27 as possible short-term support.

“A breakout from the lower-high trendline can open the door to further upside.”

Price fluctuations near $2.55 will act as a crucial decision point, particularly as Bitcoin continues to influence market dynamics.