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.

Chad Steingraber says the coming days could mark a major turning point for XRP, as the market prepares for the first full week in history in which five pure spot XRP ETFs trade side by side.

Notably, the 21Shares XRP ETF (TOXR) is launching today, joining Canary Capital, Bitwise, and others. Commentators like Steingraber believe this new competitive environment will reveal how aggressively issuers plan to accumulate XRP over the long term.

Five ETFs, One Full Week: “We’re About to Learn a Lot”

Indeed, this will be the first trading week featuring products from 21Shares, Bitwise, Grayscale, Franklin Templeton, and Canary Capital.

Steingraber says this setup will “tell us a lot” about what to expect from institutional accumulation going forward.

Notably, ETF inflows have already crossed $666 million in less than a month, with zero outflows through ten consecutive trading days. Just last week, Bitwise increased its holdings to 80.5 million XRP, while Canary Capital, Grayscale, and Franklin Templeton also recorded steady inflows.

Steingraber believes these patterns are only the early stages of a larger wave of demand that will intensify as all U.S. XRP ETFs come online.

“The Results Are Wild”

Financial analyst Mohamed Bangura ran a price-path sensitivity simulation, which Steingraber highlighted in his post. Bangura used the following assumptions:

• ETF demand baseline: 74.5 million XRP per day
• Total exchange supply: 2.7 billion XRP
• Escrow release: 300 million XRP every 30 days
• Elasticity values: 0.2, 0.5, and 1.0 over 180 days

He notes that lower elasticity leads to rapid depletion of exchange supply, while higher elasticity results in more dramatic price spikes as OTC liquidity absorbs inflows. Even without factoring in FOMO, he describes the model’s outcome as “wild.”

Bangura’s work aligns with the views of several analysts who believe ETFs may be draining accessible XRP much faster than anticipated.

XRP ETF Inflows Are Already Thinning Liquidity

Jake Claver, CEO of Digital Ascension Group, recently warned that OTC and dark-pool liquidity may be close to exhaustion. He estimates that “800 million XRP” of private liquidity has already been absorbed in the first week of ETF accumulation alone — nearly half of what he believes was available across OTC venues.

Meanwhile, XRP ETFs currently hold more than $687 million in assets, representing just over 300 million XRP.

Because ETF accumulation occurs off-exchange, XRP price action has not yet reflected the tightening supply. Claver believes the true volatility will begin when ETFs exhaust OTC channels and are forced to source liquidity directly from exchanges.

21Shares Adds Pressure With New ETF Launch

Today’s launch of 21Shares’ spot XRP ETF brings fresh competition to the market. The fund carries a 0.50% management fee and debuted with a $500,000 seed basket.

With five ETFs now active, and two more expected, analysts like Steingraber say the stage is set for one of the most influential weeks in XRP’s history. As Steingraber puts it, “[This] week is a big milestone for XRP.”