Recent on-chain data reveals a significant consolidation in XRP whale holdings, with total balances reaching a seven-year high despite a decrease in the number of large holders. According to analysis by social data firm Santiment, the number of addresses holding over 100 million XRP has dropped by 20.6% over the past eight weeks, but their collective holdings have surged to 4.8 billion XRP, the highest concentration since 2018.
Simultaneously, the XRP rich list has undergone a major reshuffle. As shared by community analyst Mullen, within 24 hours, 78 newly created wallets accumulated 77.32 million XRP, including one wallet that added 35 million tokens. The top 10,000 XRP wallets now hold 51.39 billion XRP, representing 85% of the circulating supply, indicating a rotation rather than an exit of large investors.
This accumulation trend coincides with rising demand for XRP exchange-traded funds (ETFs). Newly launched XRP ETFs recorded $11.6 million in spot volume during early trading hours on December 1, signaling growing institutional interest. However, the XRP price has faced pressure, trading 7.3% down at the $2.0 support level amid broader market volatility.
Experts suggest that the consolidation points to strategic accumulation by major players, possibly in anticipation of positive catalysts like the resolution of Ripple's legal case or increased adoption. While high concentration can lead to volatility, it also reflects strong long-term conviction and may set the stage for future price movements.
