As revealed by prominent XRP ecosystem contributor Vet, XRP Ledger recently saw a type of background activity that does not match normal traffic, because the spike in AccountSet transactions is too big and too organized to come from random users.
These prints suddenly jumped into the 20,000-40,000 range and stayed there, which is the kind of pattern you see when someone is preparing a large batch of wallets, running configuration steps and testing permissions before plugging in real liquidity.
Amid the recent incident many brought up how the last major operator known for bulk account actions, BitGo, already had its own anomaly months ago, but that event looked completely different. BitGo’s situation was a script failure: their automation kept trying to activate new XRP accounts, drained the reserve and then got stuck in a loop sending tiny payments that could not be funded.
This new wave is the opposite as it is controlled, deliberate and far larger.
AccountSet is used when someone sets up infrastructure — updating keys, switching flags, building wallet clusters or preparing institutional environments — and analysts tracking XRPL activity, including Vet, pointed out that ordinary users simply do not generate numbers like these.
XRP is facing exchange shortage
At the same time, the exchange flows add another layer with Binance showing over 68 million XRP leaving in seven days and more than 35 million across the past month, while UPbit and Bithumb posted strong monthly inflows.
Nothing here directly reveals who is behind the AccountSet surge, but it shows that balances are being rearranged across several top venues at the exact moment when the ledger is recording its heaviest configuration load of the year.