On-chain data reveals a significant shift in investor behavior for XRP, as the number of so-called 'millionaire wallets' has increased for the first time since September 2025. According to analytics firm Santiment, there has been a net increase of 42 new wallets each holding over 1 million XRP tokens, marking the first notable rise in this metric in four months.
This accumulation by high-net-worth investors, often referred to as 'whales', occurs despite XRP's price trading down approximately 4% year-to-date, suggesting strategic buying during a period of perceived undervaluation. Santiment described the trend as “an encouraging sign for the long-term.” The resurgence in whale activity is viewed as a potential early indicator of renewed confidence, possibly anticipating future developments such as legal clarity from Ripple's ongoing case with the SEC or utility-driven growth within the XRP Ledger ecosystem.
The trend aligns with separate research from ETF issuer 21Shares, which has pointed to a developing 'supply shock' for XRP. The re-entry of large-scale buyers could exacerbate token scarcity if demand accelerates further. While the broader market remains cautious, this metric indicates that investors with substantial capital are positioning for a potential turnaround.
