XRP saw 4,300 new wallet creations in the past 24 hours, according to Santiment data published on May 22, marking the fourth-largest surge in network growth so far this year.
The spike occurred as XRP traded near $1.37, and it coincided with elevated derivatives activity on Binance and the CME despite the token’s lackluster performance in recent months. The jump in new wallets is notable because network growth often precedes shifts in trader interest and can signal potential price moves.
Wallet Growth and Derivatives Activity Pick Up at the Same Time
Santiment described the recent wave of new wallets as one of XRP’s largest growth events of 2026 to date, noting that network growth is among the more reliable indicators for identifying possible market reversals. The data also arrived during a period of heightened activity in XRP’s derivatives markets. Open interest for XRP futures on Binance has climbed to roughly $488 million this month, one of the highest readings since March, after trending steadily upward through May.
Rising open interest often suggests traders are adding leveraged positions, although it does not by itself indicate a specific market direction. Separately, exchange-flow data shared by analyst Amr Taha the day before showed Binance withdrawals accounting for 53% of XRP transaction share versus 47% for deposits. The last time withdrawals reached a similar level was April 10, when XRP traded in a comparable price range near $1.34.
A higher withdrawal share can imply that holders are moving tokens off exchanges rather than preparing them for sale, which may reduce immediate selling pressure. That said, withdrawals alone do not guarantee a rally; they can simply reflect a short-term shift in on-exchange supply dynamics.
Despite the uptick in trading signals, XRP’s price remained relatively flat. At the time of reporting, CoinGecko showed the asset down about 0.3% over 24 hours, trading between $1.35 and $1.38 during that period. Over the past week XRP was down roughly 8%, monthly losses were near 5%, and the token had declined over 43% year-over-year, placing it more than 62% below its July 2025 all-time high of $3.65.
Institutional Interest Stays Consistent
Institutional engagement has stayed steady. CME’s XRP futures products processed approximately $63 billion in notional trading volume in their first year, according to previous reporting. The CME launched these contracts in May 2025, offering both standard and micro-sized futures tied to the XRP-Dollar Reference Rate. Since launch, traders have exchanged about 1.32 million contracts, equivalent to roughly 28.6 billion XRP, reflecting continued institutional participation in the market.