XRP surged past the $1.60 mark for the first time since February, reaching $1.62 and marking an eight-month high. Data from Santiment indicated a substantial rise in large-value transactions and fresh participation across the XRP network during this price breakout.
Whale Activity and Network Growth Accelerate
Santiment, a prominent blockchain analytics firm, reported 1,917 XRP transactions exceeding $100,000 in value in a 24-hour period—representing the most significant surge in high-value transfers in approximately one month. This rise in activity suggests heightened repositioning among large-scale holders as the price rallied.
In parallel, the XRP Ledger recorded the creation of 3,647 new wallets, underlining a noteworthy influx of new market participants seeking exposure to XRP during its price momentum.
Whale-level transactions and wallet creation both spiked as XRP moved above $1.60, pointing to increased engagement from both existing and new holders.
The broader XRP Ledger infrastructure continued its expansion, with combined tokenized asset holdings and RLUSD—Ripple’s stablecoin circulating on the network—reaching approximately $4.26 billion. Ripple independently highlighted that around $2.4 billion of RLUSD is currently active on the platform.
Mini dictionary: RLUSD, a USD-backed stablecoin issued by Ripple, is used for settlements and payments on the XRP Ledger, designed to facilitate seamless value transfer within the network.
ETF Inflows Surge, Derivatives Market Heats Up
Tracking by SoSoValue showed that net capital flowing into XRP exchange-traded funds climbed to $1.73 billion by September 22. On that single day, total inflows reached $20.02 million, with Bitwise accounting for $19.16 million. The preceding days saw sharp fluctuations, including a $43.7 million withdrawal on September 18 and modest inflows and outflows on surrounding dates.
Bitwise submitted an updated application for an XRP ETF to the Securities and Exchange Commission on September 18, signaling ongoing efforts to expand regulated XRP investment products.
| Date | ETF Inflows/Outflows | Key Players |
|---|---|---|
| September 16 | +$3.50 million | Bitwise, others |
| September 17 | -$5.15 million | Multiple |
| September 18 | -$43.70 million | Multiple |
| September 21 | $0 | — |
| September 22 | +$20.02 million | Bitwise ($19.16 million) |
The XRP derivatives market also saw significant growth. Open interest reached $4.1 billion, a nine-month high, surpassing both Hyperliquid and Zcash in market depth, according to Coinglass. Trading volume in XRP derivatives hit $9.4 billion, while spot trading tallied $2.2 billion for the same period. CME futures open interest climbed 16% to $756 million, and Binance futures rose 10% to almost $700 million.
In terms of liquidations, over $17 billion worth was registered, with $9.5 million in short positions closed. A single large liquidation of $5.09 million in XRPUSDT occurred on Binance.
Technical analysts highlighted the potential for further gains, with projections of a 51% price rally following the current breakout and forecasts of XRP reaching above $5 in the coming year.
Banking Sector Interest and Broader Market Context
In 2016, four major Canadian banks—Royal Bank of Canada, Bank of Montreal, CIBC, and Scotiabank—ran tests using XRP for international payments. These institutions are among the country’s largest and have since joined a broader initiative to pilot tokenized Canadian dollar transfers on blockchain platforms.
Mini dictionary: Royal Bank of Canada, Bank of Montreal, CIBC, and Scotiabank are leading Canadian financial institutions, playing a key role in national and cross-border payment systems.
Although the precise technology underpinning the latest tokenized deposit trials was not specified, officials have not yet confirmed exclusive adoption of XRP as the backbone of this infrastructure.
Meanwhile, broader crypto markets rebounded, supported by positive sentiment from geopolitical developments. During the same period, major cryptocurrencies including Bitcoin, Ethereum, and XRP staged notable recoveries, aided by improved investor confidence.
XRP’s latest price rally followed a period of adjustment related to recent regulatory events and voting activity, with prices rebounding sharply from $1.30 to $1.62.
