The total number of XRP wallets has reached 7.2 million amid growing interest in the network and shifting behavior of large holders.
Growth of XRP Accounts
The number of XRP accounts has reached a record high of 7.2 million according to CryptoQuant data. Since early 2024, there has been a steady growth in wallet creation, indicating a strong user engagement. From August of last year, the account count increased from less than 5.8 million to over 7.2 million, adding more than 1.4 million new addresses.
Changes in Whale Transfers
A noticeable decrease in whale-to-exchange transfers has also been observed. For instance, on July 11, 43,575 XRP was moved to exchanges, dropping to just 2,339 XRP by July 21, representing a more than 94% decrease. This indicates that large holders are not planning to sell their tokens, suggesting a tighter market with fewer sellers.
Technical Analysis and Growth Prospects
A popular analyst indicates that a double bottom formation has appeared on the 4-day price chart, suggesting a potential breakout above $2.90. This movement is expected to extend towards $4.40. Currently, the price is trading above the previous resistance, which may act as new support, with traders monitoring its stability.
In conclusion, while the number of XRP wallets continues to grow steadily, there has recently been a decline in the creation of new wallets. Analysts anticipate that the shifts in large holder transfer dynamics and technical indicators could fuel further price growth for XRP.
