XRP Ledger, Sudden Surge of 300,000 Payments...Price 'Cold' Even as 1 Million Accounts Surpassed

▲ XRP, US Dollar (USD)

As the number of users on the XRP Ledger (XRPL) rapidly increased in a short period, concerns grew that network activity appeared abnormal. While activity surged within days alongside an increase in payment accounts, the XRP price did not follow the same trend, and the market is focusing on the possibility of automated systems or internal wallet movements rather than actual adoption.

U.Today reported on May 24 (local time) that inter-account payments on the XRP Ledger suddenly increased from approximately 700,000 to over 1 million per day. This increase seemed to push the number of users past 1 million, and questions arose in the market regarding the identity of the additional 300,000 users.

The problem is that the increase in activity did not accumulate naturally. Activity, which had been relatively stable for several weeks, surged almost in a straight line before stabilizing again at a higher level than before. U.Today pointed out that this movement appears far more sophisticated and concentrated than a simple increase in users.

Unlike the increase in network activity, the XRP price chart has not shown a clear bullish trend. XRP is trapped in a wide trading range between $1.3 and $1.5, and it's explained that if hundreds of thousands of new retail investors had actually entered, the usual expected increase in spot demand, expanded breakout trading volume, and sustained upward momentum would not have failed to appear.

On the daily chart, XRP is trading below key moving averages, and attempts to recover resistance near $1.5 have repeatedly failed. U.Today assessed that the current structure appears closer to distribution than expansion. The Relative Strength Index also indicates a lack of aggressive upward momentum, and it has been suggested that a significant portion of the increased transactions could stem from automated activities rather than actual adoption.

Due to its low transaction costs, the XRP Ledger has long been associated with internal wallet rebalancing, payment routing, exchange settlement flows, and bot-based transfers. The core of this controversy is that large entities can generate a massive number of transactions without creating actual economic demand for XRP itself.

However, U.Today drew a line, stating that this surge in activity is not evidence of fraud or manipulation. It explained that legitimate reasons such as backend wallet operations, institutional payment testing, and exchange infrastructure updates are also possible. However, as the market did not react like a network experiencing rapid actual adoption, investors' skepticism grew.

While the XRP Ledger is currently actively moving on-chain, the XRP price has yet to gain momentum. The clear discrepancy between network metrics and price trends is the backdrop for the recent surge in activity being deemed abnormal.

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