Flood of New Wallets Hits Ripple But XRP Could Still Drop to $2

The XRP Ledger is experiencing a wave of positive momentum following the launch of Ripple Primer, a new institutional OTC trading service powered by this blockchain that is now available for customers in the United States.

Data from Santiment indicates that the number of new XRP wallets jumped to its highest level in 8 months in just 48 hours, with nearly 21,600 new addresses created during this period.

New Wallets Created on the XRP Ledge – Source: Santiment

The last time such a spike occurred, the price of XRP exploded near its all-time high. Although market conditions are quite different at the moment, this spike in new addresses indicates that ecosystem growth is accelerating.

The acquisition of Hidden Road in April paved the way for the launch of Ripple Prime, as it allowed the blockchain project to secure the required licenses to operate lawfully in the U.S.

According to its website, the OTC trading platform has already onboarded 300 institutional customers who will be able to buy and sell cryptos through the Ripple network. In addition, Ripple Prime offers custodian services, access to a stablecoin (RLUSD), and cross-border payments.

Meanwhile, Ripple USD (RLUSD), the network’s native stablecoin, just hit $1 billion in market cap this week, just a year after its launch. This is a key milestone for a token that has rapidly climbed to the 11th spot in the stablecoin market.

XRP Presence in the RWA Market Keeps Growing

Since Ripple won its case against the U.S. Securities and Exchange Commission (SEC), it has been making significant progress to expand its ecosystem and advance its mission of becoming the world’s go-to decentralized platform for cross-border payments.

Data also shows that the XRP Ledger is the 11th largest network in the real-world assets (RWAs) with a total value of $381 million. In the past 30 days, this figure has increased by 4% despite the market’s sell-off.

Despite the positive performance of these metrics, the market panicked amid Trump’s rising hostilities with China on the trade front, while Chairman Jerome Powell’s hawkish comments last week further contributed to the chaos.

The Fear and Greed Index currently sits at 24, meaning that investors are fearful. Unless market sentiment shifts dramatically, bears seem to be in control of the price action until otherwise proven.

XRP Encounters Strong Selling Pressure at $2.35

XRP has recovered by 3% in the past 24 hours but still accumulates a 22.7% drop over the last 30 days as fear has taken over.

XRP/USD Daily Chart (Coinbase) – Source: TradingView

XRP hit $2.08 recently but quickly recovered above $2.2, reflecting that buying interest persists at certain key levels.

In a recent XRP price prediction, we highlighted that a strong bounce off this mark could push XRP to $2.5 in the near term. Thus far, that prediction has been accurate as the token jumped to $2.35 right after.

However, selling pressure has increased once again upon hitting this threshold. Given that the dominant trend is bearish, traders should avoid taking positions that go against the price’s current trajectory.

Another retest of the $2.2 level could result in a bearish breakout that pushes XRP to $2 in the near term, meaning a 12% downside risk.

The creation of new addresses is probably the result of the launch of Ripple Prime. Even though in past instances, such a spike in this metric led to higher prices for XRP, market conditions have changed.