XRP network added 7,934 new wallets on November 1st, sixth-highest daily total in 2026, potentially reflecting shift to self-custody following Binance hack.
Macro & Markets ·
The XRP network registered 7,934 newly created wallets on November 1st, representing the sixth-highest daily total recorded in 2026. This activity occurred despite Sunday typically seeing reduced network engagement across crypto markets. The timing coincides with the recent Binance breach, suggesting users may be migrating toward self-managed wallets rather than maintaining funds on centralized platforms. XRP's price hovered near $1.25 during the period.
Network expansion signals improving utilization even amid price weakness. Analysis indicates that if daily wallet additions sustain above roughly 4,000 and XRP recovers to $1.30, conditions could turn more favorable. Conversely, a dip below $1.20 paired with wallet creation falling under 3,000 would suggest deteriorating momentum. Recent whale movements have shown exodus activity from Binance that exceeds comparable September 2022 levels, potentially reducing near-term selling pressure.
Sentiment metrics reveal pronounced pessimism: XRP trades at a bearish-to-bullish commentary ratio of 0.61, compared to Bitcoin's 0.69 and Ethereum's 1.14. Both BTC and XRP remain significantly below sentiment equilibrium, though historical patterns suggest extreme fear coupled with price stabilization has preceded relief rallies. Whether current conditions will catalyze such a reversal depends on whether prices consolidate without fresh lows.