A recent review of XRP Ledger data revealed a notable increase in the number of accounts holding at least 500 XRP, despite a sharp decline in the token’s price over the same period. According to figures cited by Cheeky Crypto, an independent cryptocurrency analyst and content creator, the number of such accounts rose from approximately 1.26 million to 1.44 million. This growth occurred as XRP’s price dropped from its all-time closing high to around $1.25—a 64% decrease—causing a 500 XRP holding to fall in value from about $1,775 to $627.
Account growth and distribution
Cheeky Crypto reported that roughly one in six accounts on the XRP Ledger, Ripple’s decentralized blockchain network, controls a balance of at least 500 XRP. When excluding the numerous accounts with fewer than 20 tokens, that fraction increases to about one in three.
Data snapshots show that over half of XRP’s 8 million-plus ledger accounts hold fewer than 20 tokens, accounting for approximately 4.3 million addresses. These small balances increase the relative rarity of moderate holdings like 500 XRP, as they skew the overall distribution.
Mini dictionary: XRP Ledger, a decentralized blockchain powered by Ripple, serves as the backbone for XRP transactions and provides transparent information about wallet balances and account activity.
Custodial arrangements present further complications. Exchange-controlled addresses may represent the funds of thousands of individual customers. Conversely, a single investor can own multiple addresses, making it difficult to infer actual user growth or market sentiment from the ledger data alone.
Analysis of market trends
Cheeky Crypto’s analysis highlighted that the net growth in accounts does not clarify whether the increase reflects new purchases, transfers, or splitting of balances among multiple accounts. The data cannot confirm whether existing holders had strong conviction by actively refusing to sell their tokens.
The analyst also looked at historical price movements, focusing on periods when XRP traded 60% to 70% below its previous highs. In 79% of those cases, prices were higher two years later, although the data was derived from a small number of distinct market cycles and was not based on hundreds of independent samples. Over a one-year horizon, the historical record was more mixed: the median result for XRP was a 9% decrease.
Cheeky Crypto emphasized that these findings are scenarios based on past data, not predictions. Examples included a hypothetical 500 XRP investment worth $445 at a token price of $0.89, $1,200 at $2.40, and $2,000 at $4.
The analyst stated, “These are just net counts,” underscoring that changes in account numbers do not reveal the reasons behind shifts in holdings or provide direct evidence of future price direction.
Broader context and outlook
The observed increase in mid-sized XRP holdings represents a shift in how tokens are distributed across the ledger, rather than a conclusive indicator of renewed demand or a pending price reversal. Factors such as the concentration of tokens within large accounts and the prevalence of custodial solutions limit the degree to which account data can accurately reflect broader investor sentiment.
Recent market data also indicate that XRP volatility has reached a two-year low. The combination of relatively stable price movements and slow distribution changes may prompt analysts to temper bullish interpretations based on account growth alone.
While more accounts now hold at least 500 XRP, the extent to which this translates to growing individual investor interest remains uncertain, as structural factors like exchange custody and account fragmentation play a significant role in shaping the data.
