With 332,230 wallets holding at least 10,000 XRP, XRP Ledger has achieved a significant on-chain milestone. The number indicates ongoing accumulation from mid-to-large holders, despite erratic market conditions, and continues a growth trend that has been steadily increasing since June 2024.
Substantial market growth
The information is significant because wallet growth of this magnitude typically indicates growing long-term conviction, as opposed to short-term speculative trading.
Growing numbers of larger XRP wallets in the past indicate that investors are not emotionally responding to short-term price fluctuations, but rather positioning for future gains.
The timing of the milestone adds to its intrigue. Larger holders continued to accumulate during times of uncertainty and general market weakness, even though XRP spent a large portion of 2024 trading below previous cycle highs.
Many participants seem to have accumulated during fear-driven corrections rather than chasing euphoric breakouts. This is frequently regarded as a better long-term signal for network confidence.
The trend did have one significant break. Between February 6 and February 8, the network lost over 4,500 wallets containing over 10,000 XRP. Nevertheless, no XRP-specific catalyst was found to be directly linked to the decline.
The timing strongly suggests that the decline was related to the market crash and crypto-wide liquidation event that occurred around February 5, when the sector’s risk assets underwent aggressive deleveraging.
Full network recovery
Technically, XRP is also stabilizing from a market standpoint. The asset recently broke through a downward resistance structure that had been stifling price movement for several months. In an effort to regain the 100-day EMA, XRP is currently consolidating around the $1.45-$1.50 range. The overall structure appears much healthier than it did earlier this year, and momentum indicators are steadily improving.
You Might Also Like
However, the milestone also draws attention to a troubling aspect of the adoption of cryptocurrencies. Compared to more established payment behemoths like Visa and Mastercard, which handle billions of transactions and cater to hundreds of millions of users globally, 332,230 large XRP wallets are objectively significant for the digital asset sector.
Although it puts the cryptocurrency industry in perspective, that contrast does not lessen XRP’s growth. Digital assets are still growing quickly, but the industry is still in its early stages of adoption when compared to the global financial infrastructure.
