Key Takeaways
- Wallets holding at least 10 million XRP control 46.87 billion tokens, roughly 68.5% of tracked supply, their highest share since November 2022.
- Rising whale concentration supports an accumulation narrative, but custody transfers and wallet consolidation can also affect balances.
- $1.30 is the immediate price pivot, with $1.20 support and $1.50 a stronger recovery threshold.
XRP’s largest wallets are increasing their share of token holdings even as its price struggles to recover, creating a divergence between whale positioning and market performance.
According to Santiment data, addresses holding at least 10 million XRP collectively control 46.87 billion tokens, approximately 68.5% of the supply tracked in its analysis. That marks the group’s highest concentration since November 2022.
The figures support a narrative of accumulation among XRP’s largest holders.
However, wallet concentration alone cannot establish whether sophisticated investors are making fresh purchases, particularly when exchange custody and transfers can affect balances.
XRP Whales Increase Their Grip as Price Stalls
The reported increase comes with XRP trading around $1.29 to $1.30, leaving bulls searching for evidence that stronger positioning will translate into sustained buying momentum.
At $1.29, the minimum balance required to enter the tracked whale category, 10 million XRP, is worth approximately $12.9 million. The group’s combined holdings would be valued at roughly $60.5 billion.
Those calculations illustrate the scale of the wallets involved, although they do not reveal the identities or strategies behind them.
The supply denominator also matters. XRP originally had 100 billion tokens, all created at inception, according to XRP Ledger documentation.
The 68.5% figure, therefore, should not be interpreted as a percentage of that original maximum: 46.87 billion XRP represents 46.87% of 100 billion.
Blockchain explorer Bithomp reports approximately 68.44 billion XRP in circulating supply, excluding burned, escrowed, and blackholed tokens. This illustrates why concentration figures must be read alongside each provider’s methodology.
The bullish interpretation is that large addresses are absorbing supply during price weakness. Whether that signals durable conviction depends partly on who controls those addresses.
Why Larger Wallet Balances Do Not Always Mean Buying
Whale data measures blockchain addresses, which are not necessarily equivalent to individual investors.
An exchange wallet can hold assets belonging to many customers. Transfers between custodians, consolidation into cold storage or movement between balance categories can change distribution metrics without representing a new investment decision.
Santiment’s documentation distinguishes exchange supply from holdings outside exchanges, using publicly identified addresses and wallets located through its analysis.
That separation helps investors assess whether tokens are moving toward trading venues or into other forms of custody.
Recent reporting also points to a more complicated picture beneath the headline. The number of addresses holding between 10 million and 100 million XRP fell from 351 to 339, even while the broader cohort’s aggregate share increased.
Those trends can coexist: fewer addresses in one bracket do not necessarily mean lower combined holdings across every wallet above 10 million XRP.
The smart-money thesis consequently needs confirmation from exchange flows, identifiable ownership patterns, and market demand.
XRP’s Recovery Faces a Price and Adoption Test
The supplied market commentary identifies $1.30 as an immediate pivot, $1.20 as a support level, and $1.50 as a stronger recovery threshold. These are reference points for the bullish scenario, rather than guaranteed turning points.
Meanwhile, institutional activity provides another development to watch.
On Oct. 26, Aviva Investors announced a tokenized share class of its Sterling Liquidity Fund on the XRP Ledger, developed with Ripple. Aviva invested £50 million in the offering.
The underlying fund holds approximately £22 billion, but that figure represents the entire fund, not the tokenized amount. The offering uses a digital-twin structure that represents holdings onchain while preserving the existing off-chain fund framework.
The launch demonstrates the network’s institutional use. It does not establish that whale accumulation reflects the announcement or that fund assets are being invested in XRP.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
