New Ripple addresses jump to 8-month high as the $6 XRP target emerges

XRP rises to $2.33 after a 12% recovery as 21,595 new wallets are created, marking the highest growth in the XRP Ledger in months.

According to market data from Santiment, that amounted to 21,595 new XRP wallets made over a two-day period, the largest increase in eight months. This comes after a 12% price increase in 24 hours, delivering gains for those who bought during the recent dip.

On-Chain Transactions and Wallet Trends

Between October 6 and November 6, XRP Ledger transactions fluctuated between 1.3 million and 1.9 million. The peak occurred around November 3, when activity reached around 1.9 million transactions, before dropping to 1.7 million on November 5. During this time, the price of XRP fell from $2.50 to $2.20, later recovering to $2.3.

While prices fell, transaction numbers remained high, showing an increase in usage across the chain. The increase in the number of new wallets supports this increase in network activity, with wallet growth indicating more users are joining or becoming active.

Additionally, XRP Ledger’s built-in decentralized exchange (DEX) processed 954,000 trades in a single day on November 4, setting a new record. This was one of the busiest periods for XRP on-chain trading in recent months, even as the price remained under pressure.

Whale behavior has contributed to the recent decline. About 900,000 tokens were sold by major holders over a five-day period, as recently reported by CryptoPotato. The transfer of whales to exchanges has since slowed, but previous sales can still influence market sentiment.

Analyst pricing levels and market structure

Analyst Javon Marks be to $5.76 to $9.73 as possible next levels for XRP based on previous breakout patterns. A similar setup was seen in previous cycles, where assets boomed after long consolidation phases. Fibonacci-based targets on the current structure are consistent with these estimates.

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Meanwhile, another analyst, EGRAG CRYPTO, noted that if XRP remains above $1.94, the current range could act as an accumulation zone. They outlined two scenarios: one targeting $10 and another that projected $50 in a prolonged breakout.

In the short term, CryptoWZRD noted strong daily closes for both XRP and XRPBTC. The analyst marked $2.75 as key resistance and $2.27 as near-term support.

“A break from the lower-high trendline could open the door to further upside potential,” they said.

Price action around $2.55 could serve as a decision point, especially since Bitcoin is still leading the broader market move.