The XRP Ledger is seeing its largest investor influx in eight months, as thousands of new wallets emerge amid a possible buy-the-dip campaign.
Notably, XRP dumped like the rest of the market, correcting to $2.06 on Tuesday, a price level last seen on June 27. However, what happened next has emphasized the strong interest in XRP, the fourth-largest cryptocurrency by market cap.
XRP Wallets Jump by 21,595 in 48 Hours
Specifically, data from Santiment shows that an impressive 21,595 new wallets were created on the XRP Ledger within 48 hours. The analytical platform highlighted that this represents the largest network growth in eight months.
Notably, the network growth deviates from the recent trend featuring massive sell-offs last month. A report from The Crypto Basic shared that long-term holders were selling 260 million XRP per day, ramping up profit-taking.
However, the new wallet creation suggests that retail and institutional investors alike may be buying into the latest dip, reinforcing confidence in XRP’s near and long-term price development.
Data from a community-driven XRP Rich List resource confirms that following this recent network growth, total wallets now sit at 7.226 million, heading toward the 7.5 million mark. Notably, the last time a similar but milder network growth happened, XRP surged to its yearly high of $3.66.
Price Rebound Over 12%
XRP has demonstrated strength over the past few days, growing in tandem with the creation of new wallets. From its low of $2.06 on Tuesday, XRP has rallied 13% to its current market price of $2.33.
Those who bought the recent dip are now the major beneficiaries of this rebound. Notably, a $10,000 purchase two days ago would have added $1,300 already.
Meanwhile, analysts continue to project that XRP will see much higher prices, sustaining its current momentum. A recent analysis from EGRAG Crypto suggests that XRP remains in a bullish position and is poised for a rebound to lofty heights.
Specifically, he predicted a breakout from one of its most powerful accumulation zones to the “Macro Wick 1” at $10. However, he noted that a super bullish development on the subsequent “Macro Wick 2” would take XRP to as high as $50 per coin.
Other bullish ecosystem events, like the imminent launch of the XRP spot ETF in the United States, could further support a price rebound. Recent developments in the ETF space suggest that the first XRP spot ETF could launch on November 13, finally opening the asset up to institutional investors.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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