The biggest XRP holders now hold a larger share of the token than at any point in nearly four years.
Wallets holding at least 10 million XRP control 68.5% of the supply, according to on-chain analytics platform Santiment. That is the highest concentration since November 2022.
What the whale data shows
Santiment’s metric tracks every wallet with a balance of 10 million XRP or more. It splits those wallets into three tiers: 10 million to 100 million, 100 million to 1 billion, and more than 1 billion tokens.
The picture gets messier one level down. The number of wallets holding between 10 million and 100 million XRP fell from 351 to 339, according to Santiment data analyzed by crypto analyst Ali Martinez.
That is a drop of 12 wallets in the smallest whale tier. Those holders could have sold, split their balances across addresses, or moved up into a larger tier. The data alone does not say which. What it does show is that the overall share held by whales rose even as the headcount in that bracket fell.
Tokens are drifting toward exchanges
Meanwhile, exchange balances ticked higher. Approximately 47 million XRP flowed onto trading platforms, a stash valued at roughly $61 million at current prices.
XRP has been trading near $1.29. The $1.26 level has become a key support zone to watch.
If that floor gives way, the next level in focus sits at $1.11. A slide to that zone would mean a move of roughly 14% from current levels.
The supply backdrop
XRP’s total supply is fixed at 100 billion XRP, meaning no new tokens are minted.
As of October 26, 2026, roughly 68.59 billion XRP was in circulation. About 31.4 billion XRP remained locked in Ripple’s on-chain escrow, which releases tokens on a scheduled basis.
Concentration among large holders has historically risen during stretches of market uncertainty. The long-running SEC litigation against Ripple was one such period, when big investors appeared to take a more defensive posture amid volatile trading conditions.
The November 2022 benchmark is telling in its own way. That month was not exactly a high point for crypto sentiment, and whales back then were also holding an outsized share of the token. Returning to that level now suggests large holders are once again leaning in while the broader picture stays uncertain.
What this means for XRP holders
That is why the drop in the 10 million to 100 million tier deserves attention. If those holders are trimming positions, and the tokens are ending up on exchanges, it could add supply into a market already testing support.
For traders, the near-term roadmap is fairly clear. The $1.26 level is the line in the sand. Losing it could open the door to further downside toward $1.11.
Longer-term investors may want to watch the other two Santiment tiers more closely. Changes in the 100 million to 1 billion and 1 billion-plus brackets would reveal whether the largest players are adding, holding steady, or quietly heading for the exits.
The concentration figure also feeds into a broader debate about decentralization. Critics of XRP have long pointed to Ripple’s escrow and large holder base as evidence that the token’s ownership is top-heavy. A 68.5% whale share, the highest in nearly four years, gives that argument fresh ammunition.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.