The number of new accounts on the XRP Ledger (XRPL) jumped 535.2 percent in two days.

U.Today, a blockchain media outlet, reported on Sept. 27 that newly created accounts on the XRP Ledger rose to 2,900. Active accounts over the same period climbed 218.1 percent to 15,300.

The rise was not limited to account metrics. Successful transactions increased 80.8 percent to 1.7 million, and total transactions rose 138.7 percent to 2.4 million. Payments in particular grew 108.9 percent to 1.2 million.

Still, there are limits to viewing the network as expanding evenly overall. Active users fell 70.6 percent to 140,000. While new wallet creation and activity by existing accounts increased, the number of unique users who traded regularly declined over the same period. That raises the possibility that a relatively small number of users traded more actively, rather than the user base broadening.

Ledger operating indicators were mixed. Closed ledgers rose 288 percent to 20,400, but transactions per ledger fell 38.5 percent to 116.47. The ledger interval edged up 0.1 percent to 389 seconds, showing little change.

Transfer volumes also surged. Payment volume on the network rose 894.3 percent to about 704.2 million XRP, and XRP burned as network fees increased 225.7 percent to 300.3 XRP. The XRP Ledger burns a small fee on each transaction, so burn volumes rise along with throughput.

The rise in on-chain activity coincided with a recent rebound in XRP prices. XRP fell through most of the second and third quarters, then rebounded from about $1.05 in late August to an intraday high of $1.70. After a pullback, it recently traded around $1.50.

Markets view the metrics as a signal of increased use of the XRP network, but some say it remains to be seen whether the user base is expanding. While new accounts, payment volume and fee burns rose at the same time, the drop in active users means a key question is whether growth is concentrated among some highly active participants rather than spreading broadly.