Based on reports, the spike in wallet creation has captured market attention because it breaks a recent pattern of heavy selling. Data showed long-term holders were offloading about 260 million XRP per day during last month’s sell-off.
Now, fresh wallets are appearing while prices recover. That combination suggests different groups of traders may be acting at the same time — some cutting losses, others buying the dip.
Community figures point out that total wallets now stand at 7.226 million and are moving toward 7.5 million, according to an XRP Rich List resource.
A similar but milder burst of network growth was followed by a climb to a yearly high of $3.66. That historical link is being watched. Still, new wallet creation is a signal rather than proof of sustained buying.
Some of the incoming addresses can belong to exchanges, custodians, or automated services. So the makeup of new wallets matters as much as the number.
In this case, analysts in the XRP community are tying the wallet growth to expectations surrounding the ETF.
The wider crypto market showed how fast things can swing between November 3 and 4, when the total market cap fell by nearly $350 billion and XRP slid about 13.16% to around $2.20.
That pullback is fresh in traders’ minds. Short-term gains can be steep. For example, a $10,000 buy placed two days ago would already have gained about $1,300 after the rebound. Yet big moves work both ways in turbulent markets.
For now, the picture is mixed. New wallets and a 13% bounce are encouraging signs of renewed interest. Historical precedents and analyst forecasts add to bullish narratives.
But wallet growth alone does not guarantee sustained price rises. Investors should watch where the new wallets are concentrated, monitor daily sell volumes, and pay attention to confirmed news about an ETF.
Featured image from Unsplash, chart from TradingView
