XRP Wallet Growth Rises After Binance Hack, But Demand Cools
Santiment sees more XRP wallets after the Binance hack, but U.S. demand through Coinbase and spot ETFs is fading. Around $1.25, sentiment remains weak.
Key Takeaways
- The XRP Ledger recorded 7,934 new wallets on November 1, possibly after the Binance hack, according to Santiment.
- Sentiment around XRP remains weak, with about 0.61 bullish reactions for every bearish reaction on social media.
- U.S. demand is cooling: the Coinbase Premium Index fell to -0.16%, and spot XRP ETFs saw lower inflows in October.
XRP saw a notable influx of new wallets on November 1, while demand from the U.S. cooled at the same time. More network activity, weaker sentiment, and slowing inflows through Coinbase and spot ETFs are keeping the market on edge around $1.25 (€1.11).
More Wallets After the Hack
The XRP Ledger logged 7,934 new wallets on November 1, according to Santiment. That was the sixth-highest daily total of 2026 and came on a Sunday, usually a quieter day for network activity.
Santiment linked that growth to last week's Binance hack. According to the platform, the shock may have pushed more users to open their own crypto wallet and hold their XRP themselves. The data point to more usage, even though the price is still under pressure.
The context around Binance is serious. The October 29 hack was described by multiple parties as the biggest crypto theft so far, larger than the 2025 Bybit hack. At the same time, other crypto exchanges, including Coinbase and Kraken, have tightened security and shared more information to help prevent similar incidents.
Sentiment Remains Weak
Despite the wallet growth, the tone around XRP on social media has been gloomy for almost two months. Santiment now sees about 0.61 bullish reactions for every bearish reaction. For comparison, Bitcoin is around 0.69 and Ethereum around 1.14.
That does not automatically mean XRP will keep falling right away. Santiment says a rebound move becomes more likely if sentiment stays below 1.0 while the price does not make new lows. The platform does warn, though, that fear alone is not enough to pinpoint the exact bottom.
U.S. Demand Pulls Back
The weakness is also showing up in U.S. trading data. The XRP Coinbase Premium Index dropped to about -0.16%, the lowest level in eight months, according to analyst Arab Chain. A negative reading means XRP is cheaper on Coinbase than on Binance, which often points to weaker buying demand in the U.S.
Spot XRP ETFs also showed a clear slowdown in October. They brought in $18.83 million (€16.8 million) in net inflows, the lowest monthly figure since January. In September, that number was still $121.40 million (€108 million). The funds did hold up fairly well after the hack, with $8.43 million (€7.5 million) in inflows on October 29 and an outflow of $496,000 (€442,200) a day later.
For European crypto watchers, the key point is that the market is sending two signals at once: more on-chain activity, but less buying appetite through regulated U.S. channels. That could mean XRP's recovery for now depends more on confidence than on pure network growth. Earlier, strong ETF inflows also showed how quickly those U.S. money flows can shift sentiment around XRP.
XRP itself was trading around $1.25 (€1.11), down 0.65% over 24 hours and 4.43% over seven days. Santiment sees $1.25 (€1.11) as the immediate turning point. A move back above $1.30 (€1.16), along with more than about 4,000 new wallets per day, would improve the picture. If XRP falls below $1.20 (€1.07) and daily wallet growth stays under 3,000, that would weaken the signal further.