XRP's largest holders have reached a major accumulation milestone, with their share of the cryptocurrency's supply climbing to its highest level in nearly four years, according to on-chain analytics firm Santiment.
In its latest update, Santiment revealed that wallets holding at least 10 million XRP now collectively control approximately 46.87 billion tokens. This represents roughly 68.5% of the supply under the firm's tracking methodology, marking the highest concentration among these massive holders since November 2022.
The development is particularly notable given XRP's lackluster price performance. Despite continued accumulation by major stakeholders, the Ripple-affiliated cryptocurrency has struggled to establish a convincing recovery, trading near the $1.30 mark.
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The divergence between whale activity and XRP's price suggests that some of the market's largest participants are increasing their exposure even as smaller investors remain cautious.
Santiment believes that sustained accumulation during periods of weakness could eventually create favorable conditions for a price recovery, particularly if selling pressure from smaller holders begins to subside.
However, the growing concentration of XRP among large addresses does not necessarily translate into immediate buying pressure. Some of these wallets may belong to exchanges or institutional custodians holding assets on behalf of multiple investors.
XRP derivatives market remains active
Meanwhile, the latest derivatives data from CoinGlass indicates that speculative activity surrounding XRP remains substantial despite its relatively subdued price performance.
XRP futures open interest currently stands at approximately $2.96 billion, reflecting the combined value of outstanding derivatives contracts.
Over the past 24 hours, XRP futures trading volume reached $2.22 billion, substantially exceeding spot trading volume of approximately $387.42 million.
This means that futures activity was nearly six times greater than spot trading volume, highlighting the significant role leveraged traders continue to play in XRP's market.
CoinGlass also recorded approximately $1.26 million worth of XRP futures liquidations during the same period.