Data suggests that despite the recent dip in the XRP market, there has been an increase in the number of whales holding at least 1 million XRP. The price of XRP dropped from $3.13 on Friday, Jan. 31 to $2.56 on Sunday, Feb. 2, representing a 17.9% decline. This was the largest intraday loss for XRP since Dec. 9, 2024. However, despite the sell-off, 53 new wallets holding at least 1 million XRP emerged after the crash.
Analysts have also confirmed that the growth of large XRP wallets is outpacing that of Bitcoin and Ethereum. Over the past year, the number of wallets holding at least 100 XRP has increased from under 1.6 million to over 1.74 million, a rise of more than 140,000. On the other hand, the number of Bitcoin wallets holding more than 0.001 BTC has declined, and Ethereum wallets holding at least 0.1 ETH have grown at a slower pace.
Another notable difference is the consistency of XRP wallet growth compared to the irregular growth of Ethereum wallets. XRP investors have been steadily accumulating, while Ethereum holders have been more reactive to market fluctuations. This pattern is also evident in wallets holding at least 1 million XRP.
In addition to wallet growth, XRP’s order book data indicates a potential bounce in price. The bid skew on Coinbase has exceeded 10 million XRP within a 10% price range, indicating strong demand. This pattern has appeared five times in the past two months and has resulted in at least a 23% price bounce. However, it is important to note that short-term price movements are still influenced by broader market conditions.
In conclusion, despite the recent dip in the XRP market, there has been an increase in the number of large XRP wallets, indicating continued accumulation by investors. The order book data suggests a potential price bounce, but the overall market conditions will ultimately determine the short-term price movements.
