7,924% Massive Spike in XRP AccountSet Transactions

The XRP Ledger is currently experiencing an unusual surge in AccountSet transactions, and the activity has led to speculation across the community. 

Vet, an XRPL dUNL validator, first called attention to the trend in a recent post on X. He pointed out that someone had started running a large number of AccountSet transactions on the ledger. According to him, the activity resumed after BitGo’s earlier involvement stopped.

XRP Ledger Sees Surge in AccountSet Transactions

For context, this new wave builds on a similar pattern seen early last month in November, which many observers linked to BitGo. 

Specifically, on-chain data provided by XRPScan shows that the latest spike began on Nov. 20, when AccountSet transactions suddenly jumped to 30,474. Under normal conditions, the ledger only witnesses between 200 and 700 of these transactions a day. 

Notably, the trend didn’t slow down after the Nov. 20 spike. It climbed to 39,817 the next day and then rose again on Nov. 23 to 40,121. When compared to daily averages, the Nov. 23 peak marked a 7,924% jump. 

The activity then dipped to 17,000 and 19,000 over the next two days but soon picked up again, staying above 39,000 for the rest of the month. Meanwhile, today, Dec. 1, data shows it has dropped to about 15,000, which still sits far above normal levels.

Institutional Activity?

Since no one has claimed responsibility for the spike, community members have begun sharing theories. For instance, some individuals believe large institutions might be preparing for something significant, especially because regular users do not create this kind of bulk activity.

For the uninitiated, an AccountSet transaction allows an XRP Ledger account owner to adjust their account settings. It costs only a tiny fraction of a cent and gives users an easy way to change flags, add a domain, set a message key, update account keys, or modify other account details. 

Moreover, institutions also rely on AccountSet transactions when they set up or configure large sets of wallets during tests or infrastructure builds before moving real funds.

Speaking on the latest surge, D.T., a member of the XRP community, argued that ordinary users never carry out these updates in large batches. According to him, when the ledger shows activity of this size, the source usually turns out to be a custodian, an exchange, or any institutional group. 

Eminence CTO Shares a Different Theory

However, not everyone sees it this way. Daniel Keller, the CTO of Eminence, pushed back on the idea that institutions need that many full accounts. 

He explained that the XRP Ledger uses destination and source tags specifically so companies can avoid creating separate accounts for every user. He pointed out that the ledger stores account records in a slim and efficient way, so most services have no reason to maintain tens of thousands of accounts.

For those unfamiliar with how the XRPL works, looking at you @Vet_X0, we have destination and source tags for a reason.

Keeping account records on the ledger is slim and efficient. There is almost no reason for a service to have multiple "full" accounts for a single user. https://t.co/Rapszs826y

— Daniel "CEO of the XRPL" Keller (@daniel_wwf) November 30, 2025

When others asked him what he thought was happening, Keller said the simplest answer might be that someone who doesn’t fully understand the XRPL is making these changes. 

In response, Vet said this only highlights the unusual nature of the activity. He questioned which exchange would need that many XRP accounts but noted that BitGo created thousands during its earlier operations. 

He emphasized that running through that many accounts and changing their settings doesn’t match routine practice, especially since institutions normally rely on destination tags and a small set of hot and cold wallets.

The observations from last month support this. At the time, Vet noticed that BitGo activated thousands of XRP accounts at once, which triggered spikes in both AccountSet transactions and multi-signature activity. He later found out that BitGo had a faulty script that flooded the ledger with failed transactions after its account ran out of XRP.