XRP experienced a notable price correction in early February 2025, following a drop from $3.13 to $2.56 between January 31 and February 2. This 17.9% decline was the most significant since December 2024, drawing attention from both investors and market analysts. Despite the downturn, data reveals that large investors—also known as whales—seized the opportunity to accumulate more XRP during the dip.

53 New Wallets Hold Over 1 Million XRP

After XRP’s largest single-day drop of the year on February 2, 2025, the number of wallets holding at least 1 million XRP surged. In just one day, 53 new wallets emerged with holdings exceeding 1 million XRP. This surge in large wallets indicates that whales are capitalizing on lower prices, seeing the dip as a strategic buying opportunity rather than a cause for panic. This activity highlights a stark contrast to the retail-driven sell-offs that often accompany such price corrections.

XRP’s Wallet Growth Continues to Outpace Other Cryptocurrencies

XRP’s growth in large wallets has been much more consistent compared to other major cryptocurrencies like Bitcoin and Ethereum. Over the past year, XRP has seen a steady rise in the number of wallets holding significant amounts, particularly those with at least 100 XRP. According to data from CoinMetrics, wallets holding 100+ XRP increased from under 1.6 million in March 2024 to over 1.74 million by February 2025, marking a significant rise of over 140,000 wallets in just one year.

In contrast, Bitcoin has seen a decline in the number of wallets holding more than 0.001 BTC, dropping from over 24.6 million in March 2024 to just under 23.9 million. Meanwhile, Ethereum wallets holding 0.1 ETH have experienced slower growth, moving from just under 5.16 million to around 5.22 million over the same period. This shows a trend of consistent accumulation in the XRP market, while Bitcoin and Ethereum wallet growth has been more irregular.

Steady Accumulation Behavior

Unlike Ethereum holders, who have exhibited more reactive buying behavior in response to market swings, XRP investors have maintained a steady accumulation pattern. This is particularly evident among holders of 1 million+ XRP, whose numbers have consistently increased despite market volatility. This behavior underscores the confidence large XRP holders have in the cryptocurrency’s long-term potential, indicating that they are not swayed by short-term market fluctuations.

Strong Buy-Side Interest Revealed by Order Book Data

Further supporting the idea of a potential rebound, XRP’s order book data has revealed strong buy-side interest. On Coinbase, XRP displayed a bid skew of over 10 million tokens within a 10% price range. This indicates that buy orders are significantly outnumbering sell orders, pointing to strong demand for XRP at current price levels. This pattern has emerged multiple times over the past two months, with each instance resulting in at least a 23% price increase. If this trend continues, XRP could rise from its current level of $2.32 toward the $2.85 mark.

Looking Ahead for XRP

While XRP’s short-term price movements remain dependent on broader market conditions, the growing number of large wallet holders and increasing buy-side demand could signal positive momentum for the cryptocurrency. As XRP’s whale activity continues to rise and wallets with significant holdings steadily accumulate, there may be further upward pressure on its price, potentially leading to a rebound in the coming weeks.

In conclusion, despite the recent price dip, XRP’s market dynamics reflect a strong accumulation trend among large investors, indicating confidence in the cryptocurrency’s long-term value. With increased buy pressure and steady growth in large wallets, XRP may be poised for a potential recovery.