XRP network activity jumps 654% as Gemini enables Singapore deposits

XRP active addresses rose 654.71% to 356,070 in two weeks as Gemini enabled direct XRP deposits and withdrawals on the XRP Ledger for Singapore users.

"Big news for the Ripple Army in Asia. Gemini users in Singapore can now deposit and withdraw XRP over the XRPL network," Tyler Winklevoss, co-founder of Gemini, said on X on Aug. 24. On-chain data compiled by Santiment and flagged by analyst Ali Martinez showed daily active addresses climbing from 47,180 to 356,070 between Aug. 10 and Aug. 24.

XRP traded at $1.4897 as of 06:00 UTC, up 1.32% over 24 hours and roughly 50% over the past week, lifting its market capitalization to $93.8 billion. Spot XRP ETFs recorded more than $45 million in inflows over their strongest three-day run on record and have drawn $95.65 million since July 1, exchange data shows. Trading volume exceeded $12.5 billion over seven days across 10 major exchanges.

The spike in network participation typically precedes higher price volatility, Martinez said. XRP faces resistance at $1.50, with a four-hour close above that level opening a path toward $1.60 and then $1.70. A break below $1.40 would expose the next support at $1.30.

Derivatives signal rising speculative interest

Options volume jumped 298.79% to $36.70 million, while options open interest rose 25.73% to $140.74 million, Coinglass data shows. Total derivatives volume fell 8.19% to $8.07 billion, though open interest edged up 0.35% to $3.73 billion. On Binance, the estimated leverage ratio for XRP reached 0.213 on Aug. 24, its highest since January, after the exchange doubled maximum leverage for XRP futures from 5x to 10x on Aug. 21.

Bollinger Bands echo early-2025 setup

The widening Bollinger Bands resemble the configuration before XRP's early-2025 rally, when the token climbed to $2.69 and then breached $3.29. Sustaining the $1.55 resistance zone is critical for a bullish continuation, while a drop below $1.24 could trigger a pullback toward $1.14, per technical analysis.

Broader market context

Bitcoin briefly broke above $80,000 before pulling back, and the global crypto market capitalization rose 2.47% to $2.68 trillion. Solana exchange-traded funds have outpaced XRP by about $20 million in daily net inflows, reflecting competing institutional demand. XRP's August gain of roughly 40% marks its strongest August since 2021.

The combination of rising on-chain activity, record ETF inflows, and exchange infrastructure expansion points to sustained demand for XRP. Higher trading volumes reduce the risk of a bull trap, but traders should watch whether XRP can hold above $1.40 to confirm the next leg higher.

This article is for informational purposes only and does not constitute investment advice.