- XRP added 3,500 new wallets daily last month, trailing Bitcoin and Ethereum despite steady network activity and stable adoption.
- Binance taker ratio for XRP shows seller absorption as price climbs to $2.30, hinting at institutional moves behind recent gains.
- XRP holds above key Fibonacci zones at $2.24 and $2.41, with rising volume suggesting a potential push toward the $2.96 high.
XRP recorded steady network expansion with an average of 3,500 new wallets created daily over the past month. This activity follows broader growth across Bitcoin and Ethereum, although XRP adoption remains slower and more stable in comparison.
Daily Wallet Growth Trails Behind Bitcoin and Ethereum
According to a post by TheCryptoBasic, XRP’s average of 3,500 new daily wallets places it well behind major competitors. Bitcoin led with 309,000 new wallets per day over the last 30 days. Ethereum followed with 112,000 new daily addresses during the same period.
The 12-month data charted wallet growth trends from May 2023 to May 2024 across four top networks. XRP’s chart line remained narrow, fluctuating between 2,000 and 5,000 daily wallets. This narrow band held constant through both bullish rallies and pullbacks.
While Bitcoin and Ethereum showed a strong correlation between wallet growth and price momentum, XRP remained structurally disconnected. The XRP price chart showed no significant spikes alongside wallet growth. Tether (USDT) saw even lower network expansion, rarely surpassing 1,000 daily new wallets.
Seller Absorption Signal Emerges on Binance
The XRP taker buy/sell ratio has shifted, signaling a potential breakout in centralized exchange order activity. CryptoQuant data shows consistent sell-side absorption on Binance between September 2023 and May 2024. The Taker Buy Sell Ratio remained below 1.0 through much of Q4 2023.
A breakout emerged in mid-December when the ratio crossed 1.0, aligned with a price move from $0.80 to $1.20. January marked the peak, with the ratio reaching 1.05 as XRP climbed toward $1.80. From February to April, the ratio reverted below 1.0, aligning with market consolidations.
As of early May, the ratio stands at 0.914 while XRP trades around $2.30. The divergence, rising price despite lower buy-side strength, may indicate institutional accumulation or reduced retail participation. Historically, a ratio above 1.0 has correlated with upward price stability.
Fibonacci Structure Defines Current XRP Price Zones
The XRP/USDT 12-hour chart reveals Fibonacci retracement levels shaping the current market structure. Safia Crypto identified a swing high of $2.9668 and a swing low of $1.5406. Price now trades at $2.6109, just below the 0.786 Fibonacci level at $2.6556.
Earlier retracement zones at $1.8653 and $2.0685 held as resistance, later becoming support in April. The breakout above $2.24, corresponding to the 0.5 level, was driven by expanding volume and rising accumulation.
XRP has formed consistently higher lows since early April, maintaining strength above the $2.41 and $2.24 zones. The final resistance test remains the $2.9668 peak, with volume-supported rallies pointing toward a potential retest in the current cycle.
