XRP Witnesses Abnormal 800% Network Explosion as Millionaires' FOMO In

The XRP Ledger has seen one of the busiest periods in its 12-year history, with a huge 800% increase in daily active addresses and a record-breaking rise in high-value holders.

According to the latest data from Santiment, the number of unique wallets interacting with the XRP network has shot up to an average of 295,000 per day over the past week, which is far above the asset's 90-day average of just 35,000-40,000. This sudden surge in network usage is totally unprecedented in recent XRP price history, suggesting a possible big change in how the market is taking part.

At the same time, the number of wallets holding at least one million XRP — the equivalent of about $2.25 million at current prices — has hit 2,708, the highest level ever recorded. This milestone suggests that big investors and early institutional players are getting more confident as they prepare for potential growth.

Source: SantimentIt is rare to see network-level activity and high-net-worth wallet accumulation growing at the same time. Usually, one goes up before the other. Here, though, both are speeding up at the same time, which suggests this is more than just a short-term rise in speculation.

It could be the start of a bigger accumulation cycle, possibly linked to developments in the XRP Ledger or to expectations of changes in the law.

So far, the price action has only partially reflected the change XRP is currently trading at around $2.28, which is well above its levels from earlier this year, but it has not yet broken into a full bullish breakout relative to the surge in on-chain metrics.

While things are still somewhat unpredictable in the short-term, the scale and speed of recent activity has clearly put XRP back on the radar for the major players. Whether it keeps going up will probably depend on what happens next to justify the sudden influx.