The Ripple (XRP) Ledger has seen a significant uptick in user activity this week, with data showing a 60% increase in daily account activations. On October 21 alone, more than 5,000 new XRP accounts were created, marking the highest level in recent weeks and signaling renewed user interest even as the broader market struggles to find direction.

On-Chain Growth Meets Price Resistance

While this on-chain activity suggests potential accumulation or anticipation of a network event, XRP’s price action remains limited. The token is currently trading around $2.38 after several failed attempts to break through the $2.70 resistance level. Historically, similar spikes in new user creation have sometimes preceded significant price movements, both during early adoption phases and periods of speculative interest.

Technical Indicators Signal Caution

Despite the influx of new users, key technical indicators suggest that underlying momentum is weak. The major 50, 100, and 200-day moving averages are all positioned above the current price, acting as firm resistance. Furthermore, the Relative Strength Index (RSI) stands at a low 38, indicating that bearish pressure may continue unless XRP can achieve a decisive breakout above the $2.70 mark.

A Speculative Spike or Sustainable Growth?

The market is now observing whether this surge in new accounts will translate into genuine network utility. If the growth leads to increased transaction volume or payment throughput, it could signal rising remittance or institutional activity, potentially supporting a price recovery. However, if the increase is merely speculative, XRP could risk another drop to test support at $2.20 or lower. For now, the sudden user growth has injected cautious optimism into the market, which remains in a wait-and-see phase.

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