The number of wallets holding a balance on the XRP Ledger has hit a record 8.24 million, while Santiment has highlighted two conditions that could support a quick return to $1.50.
According to data shared by on-chain analytics platform Santiment on October 22, the number of wallets on the network has continued to rise despite months of price fluctuations. At the time of the post, XRP was trading at around $1.36.
The 4,772 new wallets created in a single day marked the fifth-largest daily increase recorded since March. This marked a notable jump in the pace of network participation, in addition to the record total number of wallets.
What does XRP need for a price rally?
According to Santiment, the first level to watch is $1.40. If XRP holds above this level and the daily number of new wallets stays at around 4,000 or more, the possibility of a quick return to $1.50 could strengthen.
The key point in the analysis is that price should rise alongside the increase in wallets. Continued network growth, together with a move above $1.40, forms the two pillars of Santiment’s bullish scenario.
When would the signal weaken?
In the opposite scenario, the $1.30 level and a threshold of around 3,000 new wallets per day are in focus. Santiment says that if XRP falls below $1.30 while new wallet creation also drops below 3,000, the view that network adoption is supporting a short-term rally would become less convincing.
Not investment advice.