XRP climbed above $1.60 for the first time since early February, reaching $1.62 during the same session and marking an eight-month high, according to data from Santiment. The advance coincided with notable readings across on-chain activity, fund flows and derivatives markets.

Blockchain analytics recorded 1,917 XRP transfers worth at least $100,000 each. Santiment said this was the strongest level of large-value transaction activity in approximately 30 days. The transfers do not definitively establish that major holders were accumulating XRP, but they indicate significant whale repositioning as the price advanced.

The network also added 3,647 newly created XRP wallets, pointing to increased participation in the ecosystem.

$XRP BREAKS $1.60 WITH SERIOUS ACTIVITY BEHIND IT. 1,917 whale transactions over $100K 3,647 new XRP wallets Strongest whale activity in roughly a month PRICE, PARTICIPATION AND BIG MONEY ARE ALL HEATING UP. pic.twitter.com/Cj9zusGjtj — XRP Update (@XrpUdate) September 23, 2026

The XRPL infrastructure expanded as combined tokenized-asset holdings and RLUSD balances reached approximately $4.26 billion. RLUSD is Ripple’s dollar-pegged stablecoin, and Ripple’s independent figures put the amount of it currently in active circulation at roughly $2.4 billion.

ETF inflows and derivatives activity

SoSoValue data showed aggregate net inflows into XRP exchange-traded products of $1.73 billion through September 22. Exchange-traded products give conventional brokerage accounts exposure to XRP without direct token custody, so their cumulative flows are often read as a measure of investor demand. On September 22 alone, the products attracted $20.02 million, including $19.16 million from Bitwise.

JUST IN: Bitwise and Franklin ETF clients buy a combined $18.04 million worth of $XRP . pic.twitter.com/yOd6WjPU0Y — Whale Insider (@WhaleInsider) September 24, 2026

The daily flow data was mixed. XRP exchange-traded products recorded no net movement on September 21, while September 18 saw $43.70 million in withdrawals and September 17 recorded $5.15 million in outflows. The products received $3.50 million on September 16. With demand uneven from day to day, upcoming daily flow reports offer the clearest next check on whether the recent pace continues.

Bitwise filed an amended XRP ETF registration document with the Securities and Exchange Commission on September 18.

XRP futures open interest rose to $4.1 billion within 24 hours, reaching a nine-month record, according to Coinglass metrics. Open interest measures the total value of outstanding futures contracts, so a rising reading means more positions were opened than closed. The increase put XRP ahead of Hyperliquid and Zcash in futures market depth.

Derivatives trading volume reached $9.4 billion, compared with $2.2 billion in spot-market volume. Chicago Mercantile Exchange (CME) futures open interest increased by more than 16% over the same period to $756 million, while Binance futures open interest rose 10% to nearly $700 million.

XRP recorded more than $17 billion in aggregate liquidations during the 24-hour period, behind only Bitcoin and Ethereum. Liquidations occur when leveraged positions are forcibly closed because the trader can no longer meet margin requirements. Short-position closures totaled $9.50 million, including a single $5.09 million XRPUSDT liquidation on Binance.

Technical analyst MikybullCrypto discussed XRP’s move on X and suggested that the token could rise 51% after its technical breakout.

$XRP Expect a 51% pump as a result of this breakout pic.twitter.com/Sb2uOn3D9E — MikybullCrypto (@MikybullCrypto) September 23, 2026

Veteran trader Peter Brandt issued a longer-term projection of $5.40 for XRP. His analysis indicated that chart patterns could support a move above $5 during the coming year. Both calls are individual, chart-based projections rather than confirmed outcomes.

Canadian bank trials and broader market context

Four major Canadian financial institutions tested XRP in 2016 for international bank-to-bank payment transfers. The participants were Royal Bank of Canada, Bank of Montreal, CIBC and Scotiabank.

Canada’s six largest banks later worked together on a tokenized-deposit initiative for blockchain-based transactions. The initial deployment supports transfers of tokenized Canadian dollars among the six institutions, while later phases are intended to incorporate additional digital-asset infrastructure.

The technology underlying the collaborative platform has not been specified. As a result, the initiative cannot be characterized as exclusive XRP adoption by Canadian banks.

The broader cryptocurrency market recovered during the period. Trump’s announcement of an Iranian meeting during proceedings at the United Nations General Assembly provided a positive market backdrop for Bitcoin, Ethereum, XRP and several other cryptocurrencies.

XRP’s advance followed mid-September deleveraging associated with voting activity on the CLARITY Act, a United States bill to establish a regulatory framework for digital-asset markets. The token’s valuation rebounded from $1.30 to the session high of $1.62.