The number of XRP wallets holding large amounts of the cryptocurrency has climbed to an all-time high. Analysts tracking on-chain data say the accumulation by these so-called whale wallets is creating a supply squeeze that could push the token toward $2.
Record Whale Activity
Data from blockchain analytics platforms show that wallets containing at least 1 million XRP now hold more coins than ever before. The exact count of such wallets has steadily increased over the past several weeks, even as the broader crypto market experienced mixed price action. This is a departure from earlier in the year, when whale holdings were largely flat.
Whales aren't just hoarding — they're actively adding to their positions. The pace of accumulation has accelerated, according to wallet-tracking metrics. That suggests big holders see value at current levels, despite XRP trading well below its 2018 peak of $3.84.
What's Driving the Buying
Two factors appear to be fueling the whale interest. First, activity on the XRP Ledger (XRPL) has picked up. The number of daily transactions on the network has risen sharply, driven by decentralized finance applications and tokenized asset issuance. More activity often translates to higher demand for XRP, which is used to pay transaction fees on the ledger.
Second, the technical setup looks bullish. XRP's price has been consolidating in a tight range between roughly $1.50 and $1.80 for several weeks. Chart patterns suggest a breakout is possible if buying pressure continues. The whale accumulation adds weight to that scenario, since large holders tend to be long-term investors rather than short-term speculators.
The $2 Threshold
If XRP hits $2, it would represent a gain of more than 20% from current levels. That price point holds psychological significance; it's a round number that often acts as a magnet for momentum traders. Whether the rally sustains beyond that level will depend on whether the broader market cooperates and whether the whale buying persists.
Not everyone is convinced the move is sustainable. Some market observers point out that whale wallets can also be a sign of concentration risk — a few large holders dumping could reverse gains quickly. But for now, the trend is clear: big money is piling into XRP.
The next major test will come if XRP breaks above $1.85, where resistance has held firm in recent sessions. If that happens, the path to $2 could open quickly. If not, whales might keep accumulating at lower levels, waiting for a clearer catalyst.
