XRP Millionaire Wallets Rise Again in Encouraging Sign for Long-Term Holders: Santiment

• The number of large XRP wallets reduced, but the total amount of XRP in these wallets reached a seven-year high.
• The XRP supply distribution among fewer major holders increased.
• The data from Santiment shows accumulation patterns followed by the market.

Analysis of on-chain data provided by the analytics platform Santiment shows that there has been a structural change in the number of XRP whale and shark wallets, as the number of such wallets containing at least 100 million XRP reduced by over 20% in eight weeks. However, despite the reduction in the number of wallets, the total amount of XRP held by the top-tier wallets reached 48 billion XRP, a seven-year high.

The data shows a trend of concentration on the XRP Ledger, where there are fewer large wallets holding or accumulating more tokens, even as the level of engagement changes.

Shift in Whale Wallet Distribution

As per the update from Santiment, the number of whale and shark wallets, which are those addresses that hold 100 million XRP or more, reduced by approximately 20.6% in eight weeks, which means there are 569 fewer whale and shark wallets in this period. But the total balance of the remaining wallets in this category has reached a level that has not been seen in the last decade, which is a sign of the concentration of XRP supply in fewer wallets. This is an indication that even as some large wallets left or reduced their holdings, the remaining ones have increased their holdings.

The Santiment data was shared through social media posts, making the data accessible to traders and analysts tracking on-chain activity. The explanations offered are purely observational and do not suggest a particular price action, instead highlighting the shift in the distribution of supply at the higher end of the holder spectrum.

Context With Broader Network Trends

The noted trend in whale wallet data is happening in tandem with other network trends on the XRP Ledger, which has experienced an increase in new wallet accounts and addresses in recent months, according to Santiment and other on-chain data. Traditionally, whale activity and wallet distribution trends are some of the data points that market participants track in conjunction with price action, liquidity, and market sentiment.

The Santiment on-chain analysis update reflects the significant redistribution of XRP holdings among the top wallets, with fewer addresses holding a high balance of XRP, collectively controlling a record supply of tokens. This reflects a level of concentration of supply that could have a significant impact on the network dynamics and risk profiles, despite the overall development of the XRP ecosystem. Although the information does not have a direct correlation with the price action, it gives a comprehensive insight into the management of the top XRP holdings, which could be one of the factors considered in the overall performance of XRP.

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