XRP surged past the $1.60 level on September 23, marking its first break above that threshold since February 4 and reclaiming an eight-month high. According to data from Santiment, the rally coincided with 1,917 whale transactions of at least $100,000 each, the strongest high-value activity in roughly a month. The network also added 3,647 new XRP wallets, suggesting fresh retail participants are entering the XRP Ledger ecosystem.
Analysts caution that elevated whale transaction counts do not by themselves confirm accumulation, since large transfers can represent buying, selling, or internal movements. Still, the increase in both whale activity and new wallet creation shows broader engagement beyond established traders.
Institutional demand through spot ETFs remains a key part of the XRP story. SoSoValue data shows cumulative net inflows for XRP spot ETFs reached $1.73 billion as of September 22, with $20.02 million added on that day alone. Total net assets stood at $1.73 billion, while total value traded reached $95.70 million. Daily flows have been mixed recently: no net inflow was recorded on September 21, while outflows of $43.70 million on September 18 and $5.15 million on September 17 were offset by inflows on several other dates. Bitwise also filed an updated XRP ETF registration with the SEC on September 18, adding to the institutional access narrative.
Canada also features in the broader adoption story. Four of the country’s six biggest banks—Royal Bank of Canada, Bank of Montreal, CIBC, and Scotiabank—previously tested Ripple and XRP for interbank cross-border payments in 2016. All six major Canadian banks have now launched a joint tokenized-deposit project for blockchain payments, although the underlying technology has not been named, so the project should not be interpreted as a formal selection of XRP.
Ecosystem data reinforces the network’s expansion. Tokenized-asset and RLUSD balances recently reached approximately $4.26 billion, with Ripple reporting about $2.4 billion of RLUSD in circulation. These figures point to growing activity around tokenized assets and stablecoin settlement on the XRP Ledger.
