On November 1, the XRP Ledger recorded 7,934 new wallets, marking its sixth-highest daily figure for 2026, coinciding with Binance resuming withdrawals following a hacking incident in late October.
The trading volume for XRP plummeted to 19.6 million on November 1, down from 118.7 million on October 30, indicating movements in custody rather than new investments.
A prolonged increase in new wallet creations post-withdrawal or a closing price above $1.39 could indicate authentic new demand for XRP.
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According to Santiment, a leading crypto analytics platform, the XRP (CRYPTO:XRP) Ledger witnessed the addition of 7,934 new wallets, which is the sixth-largest daily count in 2026. The analytics firm observes that “XRP network growth is rapidly increasing,” though this surge aligns with Binance’s reopening for XRP withdrawals.
After pausing withdrawals due to a hack in late October, Binance resumed processing transactions on November 1, prioritizing XRP among the first assets available for withdrawal. Thus, users could finally access their funds after days of inactivity, and moving XRP to a new address counted as the creation of a new wallet.
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Currently, XRP is trading at $1.28, reflecting a gain of 2.6% over the last 24 hours. This performance positions XRP ahead of Bitcoin (CRYPTO:BTC) with 0.4%, Ethereum (CRYPTO:ETH) at 1.4%, and Solana (CRYPTO:SOL) at 0.5%.
Despite this uptick, XRP is still 64.9% lower than its peak of $3.65 from July 17, 2025, and has experienced a drop of 31.6% this year, making it the least-performing asset among the four. This raises questions about whether the 7,934 new wallets were initiated by new investors or existing holders moving their XRP.
Santiment Observes Wallet Growth as a Sign of New XRP Buyers
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Santiment defines network growth as the addition of new addresses on the blockchain within a given day. An address on the XRP Ledger is established once sufficient XRP is sent to meet the network’s minimum balance. Thus, the 7,934 wallets created on November 1 received XRP from another source.
Typically, new addresses are seen as indicators of incoming buyers. Santiment considers this network expansion to be “one of the leading indicators” for price fluctuations, as newcomers usually acquire coins from exchanges before transferring them to private wallets prior to a price increase.
According to sentiment data from Santiment, there has been a notable decline in market sentiment surrounding Bitcoin, Ethereum, XRP, and other leading cryptocurrencies for almost two months. An increase in new wallets during this downturn is often interpreted as a classic contrarian indicator, hinting at possible future demand.
Understanding Binance’s Withdrawal Resumption and Its Impact on XRP Wallet Growth
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Nevertheless, a new wallet might merely represent a change in ownership rather than signify a new acquisition. For example, if a user bought XRP from Binance in September and later withdrew it to a new hardware wallet on November 1, the ledger would register a new address but without any change in ownership or additional funds entering the market.
This interpretation is bolstered by Binance’s announcement. The exchange indicated that they prioritized assets for the withdrawal restart based on user demand data from the previous week and cautioned of potential delays due to high traffic, implying a rush among users to withdraw their assets. Exchanges like Binance frequently switch to different hot wallets for security post-hack, which may also contribute to the increase in wallet counts.
The trading volume further reinforces this narrative. On November 1, XRP’s trading volume was about 19.6 million, significantly lower than the 118.7 million recorded on October 30 during the hack’s aftermath. XRP maintained a steady price around $1.25 throughout the day, and trading has seen an uptick since, with XRP reaching an intraday peak close to $1.29. Retail discussions around XRP were also notably quiet, with only three mentions on Reddit between October 30 and November 3.
Moreover, this measure doesn’t consider buyers who keep their XRP on exchanges. Most trades are executed through the exchange’s order books, not impacting the blockchain itself. Thus, an increase in wallet creation on a day of withdrawals can create the illusion of enhanced adoption, even if it mainly reflects existing holders shifting their assets. However, transferring coins to personal wallets often leads to slower selling than those held on exchanges, possibly alleviating some selling pressure on XRP.
Future Wallet Growth and Price Movements: Key Indicators for XRP
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Given that Binance’s withdrawal backlog is a singular event, the sustainability of this trend will be crucial for evaluating if new demand is truly emerging. If Santiment continues to report high daily counts in the coming days after the withdrawal rush diminishes, the assumption that existing holders are merely moving their assets will lose credibility. A future spike without an exchange-induced reopening in late November could signal that new buyers are entering the market.
An uptick in daily active addresses—wallets engaging in sending or receiving XRP—could also serve as a hopeful indicator. However, transactions between wallets yield more informative insights compared to activities on the ledger’s built-in exchange, where trading bots can skew transaction numbers.
Regarding price trends, XRP usually mirrors Bitcoin’s behavior but is currently trading below its 20-day moving average of $1.30 and 50-day average of $1.39, lingering around its 200-day average of $1.28. After a brief spike to approximately $1.29, it fell again. Additionally, the perpetrator of the Binance hack continues to hold XRP, and if these coins enter exchanges, they could impact supply as demand begins to rise.
XRP Wallet Surge: New Investors or Existing Holders Moving Assets?
In summary, the increase in new wallets on November 1 appears to be predominantly the result of existing holders transferring their XRP from Binance rather than a wave of new entrants. The timing aligns with the resumption of withdrawals, trading volume on that day remained low, and various signals suggest that this influx may not represent genuine demand.
Continued increases or a daily closing price above $1.39 may alter this perspective, but at present, the new wallets appear to be predominantly holders shifting coins.
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