These addresses held 1 million XRP when XRP was trading at $0.46

The number of addresses holding at least 1 million XRP has surpassed 2,000, according to on-chain data, despite XRP’s challenges in the market. Although 2024 is considered a bullish year for the market, XRP has recorded a decline overall. Notably, against the backdrop of overall market turmoil, affecting Bitcoin (BTC) and other altcoins, most assets are still trending higher year-to-date. However, XRP is one of the few coins that has seen a drop this year.

XRP has shown more resilience than most assets to the recent downtrend. However, looking at the longer term, the asset has fallen by 24.68% since January 1.

XRP Annual Performance
In comparison, BTC is up 41% this year, despite its recent drop below the $60,000 mark. In addition, Ethereum (ETH) has gained 43.6% year to date.

XRP started the year above $0.60 but has now lost the psychological support levels of $0.60 and $0.50. Interestingly, this dismal performance does not seem to have affected the confidence of whale addresses. Specifically, the number of addresses holding at least 1 million XRP has continued to increase since January 1.

The number of addresses holding at least 1 million XRP increased to 2,043
Data from Santiment shows that these wallets have surpassed 2,000 and currently stand at exactly 2,043. This is up from 1,957 at the beginning of the year, indicating that this category of addresses has welcomed 86 new wallets this year.

Addresses holding at least 1 million XRP | Santiment
This shows a trend divergence where investors are still increasing their holdings despite the bearish XRP market. It is worth noting that the data confirms that addresses holding between 10 million and 100 million XRP have grown the most, with 69 wallets added in the first half of the year and currently reaching 259.

Those holding between 1 million and 10 million tokens increased by 16 to 1,586. Meanwhile, the number of wallets holding between 100 million and 1 billion XRP remained unchanged at 38. The market added one more address holding at least 1 billion tokens, bringing its number to 160.

Impressive accumulation trend
Further data shows that these wallets holding 1 million XRP and above have accumulated 1.34 billion tokens in 2024. The cumulative holdings of these addresses have increased from 43.55 billion XRP on January 1 to 44.89 billion tokens currently.

XRP Address Balance | Santiment
The most notable changes involved investors holding between 100 million and 1 billion XRP and those holding more than 1 billion XRP. The former distributed or sold 1.31 billion tokens during this period, down from 10.66 billion XRP on January 1 to 9.35 billion XRP now. Meanwhile, the latter bought 1.21 billion XRP during this period and currently holds 2.515 billion tokens.

In a trend of alternating distribution and accumulation, XRP has fallen below $0.47, losing 4.14% in 24 hours. The coin is currently retesting the lower Bollinger Band ($0.4619) and its RSI is currently showing a weak trend. XRP needs to aggressively break above the 20-day moving average ($0.4814) to turn its short-term momentum to bullish.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.