This week, the XRP Ledger recorded an unusual spike in AccountSet and AMM bid transactions, sparking widespread discussion across crypto Twitter. The ledger processed more than 40,000 AccountSet transactions in late November, marking its highest configuration activity in years.
The activity continued even after BitGo ended the batch update. This indicates that new attackers are preparing or reconfiguring large numbers of accounts rather than making routine administrative adjustments.
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What the sudden increase in AccountSet shows
AccountSet transactions update settings such as security flags, Automated Market Maker (AMM) permissions, and multisig settings. These are typically used by institutions when preparing accounts for new services or liquidity operations.
Therefore, a spike of this magnitude suggests structured onboarding. Analysts believe this may involve custodians, market makers, or automated systems that configure XRPL accounts at scale.
This pattern is more like network preparation than retail behavior.
Previous custodial-related surges have not reached current levels, reinforcing the view that new participants are entering the network.
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AMM Bidding Activity Suggests XRP Liquidity Positioning
AMM bid transactions also spiked after November 23rd. These trades help liquidity providers bid on AMM auction slots and establish themselves within XRPL’s automated market maker pool.
The sharp rise suggests liquidity actors are preparing to secure early positions. Early bids often earn the most profitable rewards, so timing is critical.
The proliferation of AMM has coincided with the development of broader XRPL. RLUSD approvals, AMM deployment progress, and agency onboarding have all accelerated in recent weeks. This provides a possible explanation for the sudden liquidity movement.
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XRP ETF influx adds new layer of context
This surge also follows the debut of spot XRP ETFs in the US. Net inflows for these products amounted to $643.92 million, and total ETF assets amounted to $676.49 million.
Inflows have increased in 9 of the past 10 sessions, indicating strong demand from institutional investors.
Although ETF inflows do not directly interact with the XRP Ledger, they do impact how custodians manage XRP storage and security.
Large-scale ETF demand is likely to trigger the provision of new institutional custodial accounts, reconfigured storage systems, expanded wallet infrastructure, and more advanced payments activities. These processes often involve AccountSet transactions.
Therefore, the ETF wave may indirectly contribute to the compositional spike.
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Market impact
The surge in configuration and AMM activity indicates structural readiness under the XRP ecosystem. This type of activity often precedes network upgrades, liquidity expansions, or new institutional pipelines.
Although XRP price remains volatile, ledger data suggests backend activity is increasing. Market watchers see this pattern as an early indicator of broader involvement rather than an isolated anomaly.
So far, the developer has not commented publicly.
However, the coordinated increase in AccountSet and AMM Bid transactions indicates that significant infrastructure changes are underway on the XRP Ledger.
