The number of XRP wallets holding at least 1 million tokens rose by 32 over the past three months, even as the cryptocurrency's market capitalization fell 29% in the same period. The data comes from Santiment, a market intelligence platform that tracks blockchain activity. The wealthiest XRP addresses are adding to their positions despite the market slump.
The Santiment data
Santiment's figures show a steady increase in the count of wallets with at least 1 million XRP. The gain of 32 wallets over three months is modest but consistent. These addresses are often called whales, and their movements are closely watched by traders. The data doesn't specify the exact total, but the trend is clear: the biggest holders are growing in number.
Market cap falls 29%
During the same three-month window, XRP's market capitalization dropped by 29%. That's a sharp decline for a major cryptocurrency. The drop reflects a broader downturn in the digital asset market, though the specific drivers aren't detailed in the data. The fall in value stands in stark contrast to the rise in whale wallets.
Whale accumulation continues
The divergence between the two metrics is notable. While the market cap fell, the wealthiest XRP addresses kept adding to their holdings. This pattern suggests that large holders are not selling into the decline. Instead, they appear to be accumulating more tokens at lower prices. The data from Santiment doesn't explain why, but the behavior is consistent with a strategy of buying during dips.
Whale activity is often a focus for other investors, as large holders can influence market movements. But the data alone doesn't reveal the reasoning behind the accumulation. It could be a long-term bet, a defensive move, or something else entirely.
What to watch next
Santiment's next update will show whether the trend continues. If the number of whale wallets keeps rising while the market cap stays flat or falls, it could signal that large holders are positioning for a recovery. If the wallets start to decline, it might indicate that the accumulation phase is over. The coming weeks will provide more clarity.
