XRP whales cap selling as wallet growth hits 8-month high

XRP just pulled off a massive network flex—over 21,000 new wallets created in just 48 hours, marking the fastest growth in eight months. Meanwhile, whale outflows are finally cooling off after $650 million in selling. This combo hints at a potential market bottom forming, even though XRP's price has been struggling lately.

XRP closed Tuesday at $2.20—its lowest since July 4—before bouncing 16% to $2.40 from monthly lows of $2.06 on Thursday. But the altcoin's still fighting to regain bullish momentum as broader market sentiment stays cautious.

On-chain data is screaming activity. Santiment spotted that insane wallet growth, while CryptoQuant reported record-breaking action on XRP Ledger's native DEX—954,000 transactions in a single day, the most active session in months.

Here's the twist: this network surge happened while XRP's price was tanking. Analysts think this disconnect might mean the volume is coming from whale distribution, arbitrage, or bot trading—not organic retail buying.

XRP's been in a brutal downtrend since peaking at $3.66 on July 18, with whales dumping hard. Over the past 90 days, negative whale flows topped $650 million. But now, that trend might be reversing—total whale flows for the 90-day period have turned neutral, signaling early signs of a market bottom.

Futures data on Binance shows traders are rotating into XRP while ditching BTC and ETH. Analyst Crazzyblockk noted that while Bitcoin and Ether futures saw open interest crash to $59.87M and $148.69M respectively, XRP's positioning held strong. "Traders appear to be rotating into XRP," the analyst said, "using minor dips to accumulate positions, in stark contrast to the risk-off sentiment dominating BTC and ETH markets."

Bottom line: With whale selling easing and wallet creation exploding, XRP's on-chain and derivatives data point to possible stabilization. But we still need price action to confirm this isn't just another fakeout.