Community Trust ScoreVerified
XRP has spent months under steady selling pressure, but the token’s largest on-chain holders appear to be taking the opposite approach. New data from the XRP rich list shows that major whales have spent the past three months adding aggressively to their balances, accumulating nearly 4.07 billion XRP — an amount valued at $7.81 billion at recent market prices — even as sentiment across the wider community remains cautious.
The pattern suggests that whales may be positioning early ahead of a possible long-term reversal, while many retail participants continue reducing exposure in response to price volatility.
Price decline fuels accumulation instead of panic selling
After reaching a record high of $3.66 in July 2025, XRP has experienced a persistent correction. The asset has recorded lower highs since mid-July and currently trades near $1.92, a drop of 47.5% from its peak. The multi-month decline has led to an overall negative market outlook, with traders expressing doubts about near-term recovery.
However, on-chain data tells a contrasting story. While a portion of holders are selling into weakness, the largest whale cohorts have been steadily increasing their balances since August. This accumulation has taken place across multiple address tiers, but the most influential activity is coming from holders controlling between 20 million and 500 million XRP.
Major whale tiers boost holdings since August
When the XRP rich list was last analyzed on August 21, investors holding between 20 million and 100 million XRP cumulatively controlled 6.315 billion XRP across 159 addresses. Meanwhile, the group holding 100 million to 500 million XRP maintained a combined balance of 11.063 billion XRP across 55 addresses
In total, these whales have added 4.07 billion XRP in three months, representing 35.5% of the total circulating supply currently held by the two whale tiers combined.
The concentration of supply in the hands of major players could become a crucial market factor if broader demand increases later.
Accumulation extends beyond whales — mid-tier wallets grow too
The accumulation trend is not limited to the largest holders. Several mid-sized address tiers — typically associated with long-term retail and semi-professional investors — have also increased their balances during the correction.
For example:
-
Addresses containing 20–500 XRP increased holdings from 210 million to 215 million XRP
-
Holders with 1,000–5,000 XRP added nearly 7 million XRP
-
Investors with 10,000–25,000 XRP accumulated an additional 113 million XRP
This broad-based accumulation indicates that significant numbers of investors view XRP’s dip as an opportunity rather than a warning sign.
Not all large players are buying — mixed whale behavior persists
Despite the heavy buying from some whale tiers, not every major holder is following the same strategy. The top end of the distribution shows conflicting behavior:
-
Addresses holding 500 million to 1 billion XRP have sold over 2.1 billion tokens since August
-
Addresses holding 1 billion XRP or more have added more than 1.5 billion tokens during the same period
This contrast suggests that some of XRP’s largest corporate or early-stage holders may be reducing exposure, while other large investors — possibly institutional buyers or long-term strategic wallets — are accumulating.
What this signals about market sentiment
While price action points to weakening confidence, the accumulation behavior among whales suggests a different interpretation:
-
Whales appear willing to accept continued short-term volatility while positioning for future valuation growth
-
Investors with high conviction may believe the multi-month dip represents undervaluation rather than structural weakness
-
The size and persistence of accumulation imply long-term, rather than short-term speculative, positioning
Historically, whale accumulation during extended price downturns has occasionally preceded major trend reversals in multiple digital assets. However, accumulation alone does not guarantee near-term upward movement, especially during broad risk-off markets.
XRP supply distribution continues to shift
The most notable structural change from the past three months is the continued movement of supply from mid-sized whales to super-whales and strategic large buyers. An increasing share of the XRP supply is consolidating within the 20M–100M and 100M–500M brackets, which now collectively control over 21.4 billion XRP.
If this trend persists, the market could face a supply squeeze if demand returns sharply — especially if supply becomes concentrated among holders who are unlikely to sell quickly into price appreciation.
Outlook: uncertainty in the short term, confidence in the long term
Despite ongoing price pressure, the consistent accumulation pattern suggests that influential investors continue to hold a long-term positive outlook on XRP. Meanwhile, shorter-term investors remain cautious, driven by sentiment, volatility, and macroeconomic risk.
Whether the whales’ strategy ultimately proves correct will depend on broader market conditions — regulatory clarity, institutional activity, macro liquidity, and progress within Ripple’s ecosystem.
For now, the data shows one clear trend: while prices have declined for months, the largest and most committed XRP holders have treated the downturn not as a warning sign, but as an opportunity to expand positions.
