XRP Hits 12-Year Milestone With Over 2,700 Whales, Holding Over 1M XRP, Onchain Data Show

XRP whale wallets holding at least 1 million XRP have reached a record high of over 2,700, signaling increased confidence in the cryptocurrency despite a modest 7.5% gain year-to-date. Active XRP addresses have also surged to an average of over 295,000 per day, significantly exceeding the previous three-month average of 35,000-40,000.

Analysis

XRP has reached a significant on-chain milestone, with the number of 'whale & shark' wallets holding at least 1 million XRP surpassing 2,700 for the first time in its over 12-year history, as reported by blockchain analytics firm Santiment. This record accumulation by large holders suggests growing confidence in the cryptocurrency's future price prospects. Further bolstering this positive outlook, daily active XRP addresses have experienced a substantial surge, averaging over 295,000 in the past week, a stark increase from the 35,000-40,000 average observed over the preceding three months, indicating heightened network utilization and engagement. Despite these strong on-chain metrics, which carry a 'moderately positive' sentiment and a market impact score of 0.5, XRP's price performance has been relatively subdued. The payments-focused cryptocurrency, utilized by Ripple for cross-border transactions, was trading flat around $2.23 at the time of reporting, reflecting a year-to-date gain of approximately 7-7.5%. This divergence between robust network fundamentals and modest price action is a key observation for market participants.

Key Decisions for Investors

• Investors should note the divergence between the strong on-chain accumulation by whales and increased network activity versus XRP's modest year-to-date price increase of roughly 7-7.5%, which could signal a potential undervaluation or an extended accumulation phase.
• Monitor whether the sustained growth in whale wallets and daily active addresses translates into positive price momentum for XRP, currently trading near $2.23, as this would serve to validate the bullish on-chain signals.
• Consider these on-chain metrics as key indicators of underlying investor confidence and network health when evaluating XRP's position within a diversified digital asset portfolio, especially given the 'moderately positive' sentiment associated with these recent developments.