XRP price is attempting a modest recovery after bouncing off a key lower support level, as network growth on the XRP Ledger reaches its fastest pace in eight months.
- XRP price bounced after hitting support, but broader price trend remains weak.
- Over 21,500 new wallets were created in 48 hours, indicating fresh network activity.
- Derivatives positioning is cautious, but exchange-traded fund developments and institutional moves are key triggers.
XRP is trading at $2.33, up about 4% over the past 24 hours after finding support at the lower Bollinger Band. The past week has seen a range between $2.12 and $2.58, with the token still down 9.6% over 7 days and 22% across the month. It remains roughly 36% below the $3.65 peak set in July.
Trading activity has cooled. The 24-hour volume for XRP (XRP) has fallen to $5.53 billion, a 43.10% decline, suggesting less aggressive positioning after the recent bounce.
In the derivatives market, futures volume is down 35.95% to $8.62 billion, while open interest has risen slightly to $3.49 billion, up 2.08%. This combination often indicates that traders are keeping positions open but are rotating into lower-leverage or more cautious setups.
Wallet growth surges as dip buyers re-enter
According to a Nov. 6 post on X by Santiment, in the past two days, XRP Ledger data recorded 21,595 new wallets. This is the strongest burst of new addresses in the last 8 months. It follows a brief sell-off earlier in the week. The timing suggests that some market participants used the pullback to build or re-enter positions rather than step aside.
Additionally, a Nov. 5 CryptoQuant analysis shows a noticeable rise in transaction activity on the XRP Ledger’s integrated decentralized exchange. More than 950,000 transactions were made in a single session, the busiest day in months.
This type of activity does not necessarily indicate steady price increases, even though it often shows renewed interest.
The coming weeks may bring a shift in sentiment depending on how regulatory developments take shape. Several spot XRP ETFs are approaching decision windows, including Canary Capital’s amended filing, which could auto-activate as soon as Nov. 13. If approved, some market analysts expect this could create $1-$2 billion in inflows.
XRP price technical analysis
The recent rebound began right at the lower Bollinger Band, which has been acting as near-term support during the decline. Price is now pressing toward the mid-band, near the $2.45–$2.50 area, which also aligns with several short-term moving averages. This zone remains the first hurdle for any sustained recovery.
Momentum indicators are mixed. The relative strength index sits near 41, suggesting the market is no longer in a heavy oversold zone, but still below levels that would confirm a renewed uptrend. The MACD remains negative, indicatong that downward pressure has not fully eased.
Most of the major moving averages, particularly the 50-day and 100-day, are still above the current price, which keeps the broader trend tilted cautiously lower for now.
If the price can close above the mid-band region, the next area to watch is around $2.65, where prior consolidation took place. Failure to break above near-term resistance could leave $2.20 exposed again, and a deeper pullback may revisit the psychological $2.00 level.
