Did Binance’s $6.3 Billion Hack Trigger XRP Ledger’s Network Activity Spike? On-Chain Analytics Firm Thinks So

Blockchain analytics firm Santiment highlighted XRP Ledger’s (CRYPTO: XRP) strong network growth on Monday, even as the price hovered around $1.25.

Binance Hack May Have Boosted XRP Network Activity

Santiment posted on X that XRP recorded 7,934 new wallets on Nov. 1, marking 2026’s sixth-highest daily total—despite it being one of “quieter days” for network activity.

The analytics firm stated the $6.3 billion Binance hack “may have pushed more users toward self-custody and fresh wallets.”

“Strong network growth while XRP trades near $1.25 suggests usage is improving even while price remains under pressure,” Santiment added.

🚨 XRP Adoption Accelerates While Price Hovers Near $1.25

🌱 XRP network growth is accelerating fast. November 1st saw 7,934 new wallets created, the 6th highest daily total of 2026, despite Sunday usually being one of crypto’s quieter days for network activity.

📈 The surge… pic.twitter.com/CIeC7iWOW8

— Santiment Intelligence (@SantimentData) November 2, 2026

Key Levels to Watch Out for

Santiment also examined price levels, noting that XRP reclaiming $1.30 would be the first sign of “stronger price momentum.”

Conversely, it warned that a drop below $1.20 combined with declining network growth would “weaken the signal.”

Will Blockchain Adoption Continue to Rise?

Market attention is also focused on technical conditions. Leading cryptocurrency analyst Ali Martinez noted that XRP’s Bollinger Bands on the four-hour chart have narrowed to their tightest levels since August, signaling an imminent volatility expansion.

Martinez, however, clarified that the squeeze does not indicate whether the next move will be upward or downward.

Positive developments within the Ripple ecosystem could significantly influence XRP’s price.

Last week, Ripple announced that the Office of the Comptroller of the Currency has issued final approval for a federally supervised trust bank, enabling the firm to support its RLUSD (CRYPTO: RLUSD) stablecoin and to provide digital-asset custody services to enterprises.

CEO Brad Garlinghouse said the company wants to shift 1%-3% of transaction activity on-chain by next year, potentially creating significant opportunities for blockchain adoption.

Price Action: As of this writing, XRP is down 0.20% in the last 24 hours to $1.25, according to Benzinga Pro. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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