XRP Achieves Major Milestone as Wallet Growth Surges

XRP has reached a significant new benchmark, indicating growing adoption and investor confidence across its user base. The cryptocurrency has seen a remarkable increase in wallet numbers and notable shifts in whale behavior, highlighting a potentially bullish trend for Ripple’s XRP token.

Record-Breaking Network Expansion

Ripple’s XRP network recently hit a new all-time high with 7.2 million wallet addresses now active. The data, provided by CryptoQuant, shows this growth has been consistent since mid-2024 without any sign of slowing. The rising number of wallet addresses points to broader user participation and heightened interest in the XRP ecosystem.

Since August 2024, wallet creation has accelerated significantly. At the time, XRP had under 5.8 million wallet addresses. Within just a few months, over 1.4 million new addresses have been activated, marking the most vigorous growth streak the network has seen in recent years. The momentum picked up even more in November, aligning with a broader surge in market participation and trading volume.

Such extensive wallet expansion underscores Ripple’s increasing user engagement and suggests an expanding base of long-term holders and network contributors. As XRP continues to evolve, this structural adoption could play a crucial role in its future viability and utility.

Whale Behavior Indicates Confidence

XRP’s market dynamics also reflect deeper investor sentiment shifts. Within the past week, XRP climbed to $3.65 before slightly pulling back to approximately $3.50—a 21% overall gain within seven days. While significant price action typically triggers sell-offs, large XRP holders, often referred to as whales, have reduced their token transfers to exchanges by over 94%.

On July 11, major XRP wallets moved around 43,575 tokens to trading platforms. However, by July 21, that figure collapsed to just 2,339 XRP, suggesting fewer holders are preparing to liquidate at current prices. This notable decrease in exchange-bound flow implies that whales are opting to retain their tokens, diverting from common patterns seen during bullish spikes. A tighter supply on exchanges typically signals seller reluctance, often a strength factor in climbing markets.

Technical Signals Point to Potential Breakout

Chart analysts are observing promising technical patterns that may drive XRP further upward. One prominent analyst highlighted a double bottom formation on the 4-day chart, which recently broke past the neckline resistance at $2.90. This breakout is now seen as a key support level as XRP moves forward.

The bullish setup implies a potential target of $4.40, measuring from the trough of the pattern to the neckline and projecting that range forward. Traders are closely monitoring the price action to determine whether $2.90 will hold firm against any pullbacks, potentially setting the stage for further gains.

Slower New Wallet Creation Amid Overall Growth

Despite the impressive rise in total wallet numbers, the pace of new wallet creation has actually slowed. Recent data shows a drop to just 1,598 newly activated addresses, one of the lowest figures in several months. This trend may indicate a temporary pause in retail entries or caution among new market participants.

While this slowdown in new wallet generation could limit immediate upward momentum, it doesn’t undermining the broader trend. The substantial growth in cumulative wallet numbers reflects sustained interest and utility, even amid fluctuating short-term metrics.

Related: XRP Price: $12M Max Pain for Bears

Overall, XRP’s milestone of 7.2 million wallets and a significant drop in whale-to-exchange transfers underscores a maturing market phase. Combined with strong technical patterns, XRP is poised at a crucial juncture, reflecting growing trust in its long-term potential.