XRP has fallen 19.57% over the past week to reach $1.05, according to BeInCrypto. Despite this decline, the number of large-holder wallets, defined as accounts holding at least 10,000 tokens, has continued to rise. Santiment data indicates that approximately 343,500 wallets now meet this threshold. This count has increased by 16,815 wallets, or 5.15%, since February 9.
Large Holders Accumulate Amid Price Drop
Santiment noted that this cohort of large holders expanded even as XRP lost roughly 30% of its value over the past seven weeks. The analytics firm interprets this divergence as a sign that some well-funded traders are purchasing the asset during periods of market fear. Additionally, the number of XRP millionaire wallets reached a yearly high earlier this month.
In contrast, institutional flows through US spot XRP exchange-traded funds have moved in the opposite direction. SoSoValue data shows that these funds recorded $10.42 million in net outflows on November 9. This represented the largest single-day outflow for these products since March 9. A further $7.62 million in net outflows was recorded on November 10.
Binance Leverage Falls to Three-Month Low
Trading activity on Binance reflects a similar reduction in risk exposure. The Estimated Leverage Ratio for XRP on the exchange has dropped to approximately 0.14, marking a three-month low, according to analyst Arab Chain. Arab Chain explained that traders may be lowering their risk exposure and reducing the size of positions financed through borrowed capital relative to available reserves. This behavior could be linked to the closure of existing positions or a diminished appetite for using leverage amid current price pressures.
Open interest figures align with this trend. Amr Taha reported that Binance held $189 million in XRP open interest on November 11. This figure is close to the reading of $182 million recorded on August 2. Arab Chain stated that lower leverage can reduce the chance of widespread liquidations. However, the analyst cautioned that a lower ratio does not eliminate the risk entirely, as price moves and liquidity levels still influence the likelihood of liquidations.
Support Levels and Retail Sentiment
Santiment identifies $1 as the key support level for XRP. The firm projects that if wallet growth continues and Bitcoin steadies, XRP could reclaim the $1.10 to $1.15 range. Conversely, Santiment warned that a break below $1, paired with fading wallet growth, would likely spark a brief selloff. The firm expects the retail panic that follows such a break to set up a subsequent rebound.
Retail sentiment currently leans negative. Bearish comments on social platforms outnumber bullish ones by a ratio of approximately 2 to 1. With leverage levels this thin, spot buyers may carry more weight in determining XRP’s next move. The divergence between accumulating shark wallets and selling US ETF investors creates a dynamic where the persistence of either group could determine whether the $1 support level holds.
