XRP Hits All-Time High of 332,230 Wallets

With 332,230 wallets holding at least 10,000 XRP, XRP Ledger has achieved a significant on-chain milestone. The number indicates ongoing accumulation from mid-to-large holders, despite erratic market conditions, and continues a growth trend that has been steadily increasing since June 2024.

Substantial market growth

The information is significant because wallet growth of this magnitude typically indicates growing long-term conviction, as opposed to short-term speculative trading.

Growing numbers of larger XRP wallets in the past indicate that investors are not emotionally responding to short-term price fluctuations, but rather positioning for future gains.

Source: Santiment

The timing of the milestone adds to its intrigue. Larger holders continued to accumulate during times of uncertainty and general market weakness, even though XRP spent a large portion of 2024 trading below previous cycle highs.

Many participants seem to have accumulated during fear-driven corrections rather than chasing euphoric breakouts. This is frequently regarded as a better long-term signal for network confidence.

The trend did have one significant break. Between February 6 and February 8, the network lost over 4,500 wallets containing over 10,000 XRP. Nevertheless, no XRP-specific catalyst was found to be directly linked to the decline.

The timing strongly suggests that the decline was related to the market crash and crypto-wide liquidation event that occurred around February 5, when the sector's risk assets underwent aggressive deleveraging.

Full network recovery

Technically, XRP is also stabilizing from a market standpoint. The asset recently broke through a downward resistance structure that had been stifling price movement for several months. In an effort to regain the 100-day EMA, XRP is currently consolidating around the $1.45-$1.50 range. The overall structure appears much healthier than it did earlier this year, and momentum indicators are steadily improving.