Blockchain analytics reveal that the number of XRP wallets holding a minimum of one million tokens has eclipsed the 2,000 threshold, defying the broader market headwinds facing XRP.
In the face of optimistic projections for 2024, XRP has largely experienced a downturn. In the midst of widespread market instability that has affected Bitcoin (BTC) and other alternative cryptocurrencies, the majority of digital assets have seen gains since the beginning of the year. Yet, XRP stands out as one of the select cryptocurrencies that have seen a decline over the same period.
XRP has demonstrated a sturdier defense against the prevailing market downturn than many other cryptocurrencies. However, a more extended analysis reveals a 24.68% plunge in its value since January 1st.
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**Annual Performance of XRP**
By comparison, BTC has ascended by 41% this year, even after a recent fall below the $60,000 mark. Similarly, Ethereum (ETH) has witnessed a 43.6% uptick since the year’s start.
XRP kicked off the year trading above $0.60 but has since relinquished key psychological support levels at $0.60 and $0.50. Notably, this lackluster performance seems to have had little effect on the sentiment of large-scale holders, or ‘whales’. In particular, the count of wallets with no less than one million XRP has been on an upward trajectory since the year commenced.
**Whale Wallets Exceed 2,000**
According to Santiment’s data, these heavyweight wallets have surpassed the 2,000 milestone, now totaling precisely 2,043. This figure surpasses the 1,957 tallied at the year’s outset, indicating an influx of 86 new wallets into this category.
**XRP Wallets with Minimum 1M Tokens | Santiment**
This trend suggests a divergence where investors are bolstering their stakes in spite of XRP’s downtrend. Data corroborates that the segment of wallets containing between 10 million and 100 million XRP has seen the most significant growth, with an addition of 69 wallets in the first half of the year, bringing the total to 259.
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The bracket of wallets holding between one million and ten million tokens has expanded by 16, reaching 1,586. Conversely, the number of wallets holding between 100 million and one billion XRP has remained static at 38, with no increase or decrease. Additionally, the market has welcomed one new wallet holding over one billion tokens, bringing their total to 160.
**A Noteworthy Trend of Accumulation**
Further insights show that wallets with at least one million XRP have collectively amassed an additional 1.34 billion tokens in 2024. The aggregate balance maintained by these wallets has grown from 43.55 billion XRP at the start of the year to the present figure of 44.89 billion tokens.
**Balances of XRP Addresses | Santiment**
The most pronounced shifts have occurred among investors holding between 100 million and one billion XRP, as well as those with over one billion XRP. The former group has decreased their holdings by 1.31 billion tokens, from 10.66 billion XRP at the beginning of the year to 9.35 billion XRP currently. Meanwhile, the latter group has acquired an additional 1.21 billion XRP during this time, now possessing a total of 25.15 billion tokens.
Amidst this pattern of distribution and accumulation, XRP’s value has dipped below $0.47, experiencing a 4.14% decline within 24 hours. The cryptocurrency is currently testing the lower boundary of the Bollinger Bands ($0.4619), and its Relative Strength Index (RSI) suggests a weakening momentum. For a shift to bullish short-term dynamics, XRP must decisively breach the 20-day Simple Moving Average (SMA) at $0.4814.
**Disclaimer:** This material is for informational purposes only and should not be construed as financial advice. The opinions expressed herein may be personal to the author and do not necessarily represent those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses incurred.
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