Network growth fuels market recovery
At the beginning of November, Santiment analysts noted that the rise in new wallets coincided with XRP’s price increase, confirming the link between user activity and renewed investor confidence. During this period, XRP rose from $2.08 to $2.34, showing growing optimism among traders.
Santiment added that wallet growth reflects increasing interest from both retail and institutional participants as well as blockchain developers.
Sharp spikes in wallet creation usually precede an increase in transaction volume and real network usage. Analysts link this trend to the expanding adoption of XRP for cross-border payments and growing institutional interest in Ripple’s technology. This indicates that the ecosystem continues to attract new users despite overall market volatility.
Mild rebound but channel resistance remains
Following the surge in network activity and improved sentiment, XRP is showing a modest recovery. According to TradingView (pair: Binance XRP/USDT), at the time of writing, XRP is trading around $2.34 — down just 0.13% in 24 hours, but well above the recent low of $2.06. The price remains within a descending channel, suggesting sellers are still in control while buyers are gradually returning.
Technical analysis highlights resistance zones at $2.69 and $3.12, which continue to cap upside movement. Currently, XRP is testing the 0.618 Fibonacci retracement level ($2.30) — a key threshold that can define the short-term trend.
If the price holds above this level, the next target will be $2.48 (Fib 0.786); if it breaks below, a decline toward $2.06 (Fib 0.382) or $1.91 (Fib 0.236) is likely.
The Relative Strength Index (RSI) stands at 41.75, with the signal line at 45.46 — suggesting a possible reversal from oversold conditions. While RSI remains below the neutral 50 mark, the setup points to growing buying interest if key supports hold.
Analysts note that further XRP strength depends on a breakout above the descending resistance line, which would confirm a short-term trend reversal.
Franklin Templeton advances XRP ETF
Institutional interest in XRP is growing. Franklin Templeton has filed an updated S-1 registration form with the U.S. Securities and Exchange Commission (SEC) for an XRP exchange-traded fund (ETF). According to Bloomberg analyst James Seyffart, the new filing includes streamlined 8(a) language that enables automatic registration once certain conditions are met. The firm plans to launch the ETF before the end of the month, reinforcing institutional momentum for XRP.
Other issuers are following suit: Canary Capital also submitted an updated S-1 filing for its spot XRP ETF, targeting a launch around November 13. This reflects increasing confidence among major investors in XRP-based financial products.
Analysts are closely watching XRP’s technical setup as more financial institutions adopt the token. According to market analyst ChartNerd, XRP’s current chart resembles the pattern seen before last year’s major rally. The combination of expanding network activity and institutional involvement continues to fuel steady optimism among traders and investors.
