XRP's on-chain metrics are flashing a signal that's hard to ignore. The number of whale wallets holding at least 10,000 XRP on the XRP Ledger has hit an all-time high of 332,230, according to Santiment data. The accumulation trend, which started in June 2024, has persisted through price swings and negative sentiment.
Whale count climbs despite volatility
Santiment's numbers show a steady rise in large holders even as XRP traded below $2 for much of the past two years. The record count of 332,230 wallets marks a sustained buildup that began around June 2024 — during periods of market turbulence and bearish headlines. Whales tend to move slowly, and this pattern suggests conviction rather than short-term speculation.
Analyst eyes retail-to-institutional shift
Crypto analyst BarriC argues that XRP is currently a retail-driven asset, but that could change. In a recent analysis, BarriC predicted that demand may shift toward institutional players — specifically global banks and payment networks. The price targets floated are eye-popping: $1,000 to $10,000 per XRP, with an even more ambitious $50,000 mark. That's a long way from today's roughly $1.40, but the whale accumulation aligns with a thesis that big money is positioning early.
Accumulation pattern in context
The whale count isn't the only signal. BarriC sees a future where banks and payment networks adopt XRP for cross-border settlements, driving institutional buying. For now, though, the asset remains largely retail-driven. The accumulation data shows that larger players are willing to buy during dips and hold through uncertainty — a pattern that often precedes major moves, even if the timeline is unclear.
XRP currently trades at about $1.40, while Bitcoin is above $80,000 and Ethereum around $2,300. The gap between current prices and the analyst's targets is enormous, but the on-chain trend is the most concrete data point available. Whether the whale buildup translates into price action — or simply reflects long-term holders doubling down — remains the open question.
