CoinDesk Report:
Blockchain data reveals that despite market challenges, the number of XRP addresses holding at least 1 million tokens has surpassed the 2,000 mark.
While 2024 is touted as a bullish year for the market, XRP has generally struggled. Notably, amidst market volatility affecting Bitcoin (BTC) and other altcoins, most assets have seen gains this year. However, XRP is among the few tokens that have faced declines.
XRP has shown greater resilience than most assets in the recent downtrend. Nonetheless, over a longer period since January 1, the asset has plummeted by 24.68%.
XRP Yearly Performance
In contrast, BTC has risen 41% this year, despite recent drops below $60,000. Additionally, Ethereum (ETH) has surged 43.6% year-to-date.
Starting the year above $0.60, XRP has since relinquished psychological support levels of $0.60 and $0.50. Interestingly, this disappointing performance hasn’t deterred confidence among whale addresses. Specifically, since January 1, addresses holding at least 1 million XRP have continued to increase.
Addresses Holding at Least 1M XRP Increase to 2043
According to Santiment, these wallets have surpassed the 2,000 mark, now totaling exactly 2043. This figure exceeds the early-year record of 1957, indicating an addition of 86 wallets at this level this year.
XRP Addresses Holding at Least 1M Tokens | Santiment
This illustrates a divergence in trends: despite bearish sentiment towards XRP, investors continue to accumulate. Notably, data confirms the highest increase in addresses holding between 10 million and 100 million XRP. This level has seen an addition of 69 wallets in the first half of the year, now totaling 259.
Addresses with balances ranging from 1 million to 10 million tokens have increased by 16, reaching 1586. Meanwhile, wallets holding between 1 billion and 10 billion XRP remain steady at 38, with no change. There is also one address holding at least 10 billion tokens, totaling 160 addresses.
Impressive Accumulation Trends
Further data reveals that wallets holding at least 1 million XRP have accumulated 1.34 billion tokens in 2024. Balances held across these addresses have risen from 43.55 billion XRP on January 1 to the current 44.89 billion tokens.
XRP Address Balances | Santiment
The most notable changes involve investors holding between 100 million and 1 billion XRP, and those with 10 billion or more XRP. The former distributed or sold 1.31 billion tokens, decreasing from 10.66 billion XRP on January 1 to 9.35 billion XRP currently. Meanwhile, the latter purchased 1.21 billion XRP during this period, now holding 25.15 billion tokens.
In a blend of distribution and accumulation trends, XRP has dropped 4.14% in the last 24 hours, falling below $0.47. The token is currently retesting lower Bollinger Bands ($0.4619), with its RSI indicating declining strength. XRP needs to decisively break above the 20-day SMA ($0.4814) to turn its short-term momentum bullish
