XRP whale wallet count rises 32% as market cap falls 29% in three months

An atypical pattern has emerged in XRP’s on-chain data, with the token’s market capitalization declining 29% over the last three months while the number of wallets holding at least 1 million XRP has increased by 32%. Data provider Santiment identified this divergence, highlighting a split between large-holder accumulation and broader price trends.

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Whales increase positions during price downturn

Wallets identified as holding a minimum of 1 million XRP have notably expanded through the period of XRP’s falling market cap. This behavior stands in contrast to broader market expectations, where significant declines tend to lead large holders to reduce their positions instead of accumulating more tokens.

This divergence has drawn the attention of several cryptocurrency commentators. Crypto Promo summed up the sentiment by saying the largest XRP holders “seem to have a different view of XRP right now,” underscoring the gap between retail investor mood and whale positioning.

The whales seem to have a different view of XRP right now.

Another commentator, Genius, remarked that “something definitely feels different here,” referring to the unusual pattern of growing whale wallet numbers amid a shrinking market capitalization.

Conviction rises despite price weakness

Further analysis came from social media user NKJOYBOY, who pointed out that falling prices can coincide with rising conviction among large holders. The increase of 32 such wallets was described as a notable signal, suggesting certain investors are confident enough to accumulate even as prices drop.

NKJOYBOY emphasized that the more relevant question is not why XRP is down, but who remains committed to accumulating during the decline. This viewpoint reframed the conversation around long-term conviction rather than short-term valuation changes.

Mini dictionary: Santiment, a blockchain analytics platform, provides on-chain and social media data for cryptocurrencies, helping analysts track investor behavior and market trends.

The price can fall while conviction quietly rises, and the rise of 32 large wallets deserves close attention if this pattern continues.

Data signals and market implications

Santiment’s on-chain analytics present a measurable increase in large XRP wallets, marking a clear distinction between the actions of major holders and overall price declines. This concrete rise points to strategic accumulation among whales, rather than speculation on retail sentiment.

Analysts continue to monitor how these opposing trends will develop. Whether the whale accumulation continues will depend on future market conditions and price reactions.