The surge in account activity is most likely coming from elevated activity of retail investors who are trying to cover their losses and rapidly drop off $XRP. Unfortunately, the account count alone doesn't reflect the seller activity accurately.
Growing activity could reflect growing fear among investors who are most likely moving funds to exchanges in order to liquidate their coins. Inflows and outflows most likely reflect usual trading and investment activities: investors constantly move funds into self-custody and to sell. The screenshots, however, don't separate those movements.
$XRP price prediction
Price is already struggling, trading at around $1.0475, and could be teetering on the edge of the $1 threshold, which, if broken, essentially enables a rapid decrease.
The asset has reached the area of the previous recovery that will most likely push the market to the limit, as most traders want to break even on their positions rather than keep losing money.
$XRP is trading below all the moving averages shown on the chart, with the asset back near the area it traded in before the August recovery. The downtrend is way stronger than bullish reversal attempts $XRP had in October.
Unfortunately, the market is brutal right now and clearly showing us some serious level of pressure. Network activity rises, but so does the bear market pressure, with a possibility of a further downturn that can make things worse than they already are.
The confirmation of a market recovery would only come if we witness specific signs of a bull run: higher highs and sustained buying. For now, that recovery is yet to be confirmed.
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