On-chain data shows XRP addresses holding at least 1 million tokens have surged beyond the 2,000 mark despite XRP’s market challenges.
Despite chants of 2024 being a bullish year for the market, XRP has generally recorded a downturn. Notably, amid the market-wide turmoil which has impacted Bitcoin (BTC) and other altcoins, most assets are still up year-to-date. However, XRP is one of a few tokens that are witnessing declines this year.
XRP has shown more resilience than most assets against the recent downtrend. Nonetheless, when viewed over a longer timeframe, the asset has collapsed 24.68% since Jan. 1.
In contrast, BTC is 41% up this year despite recently dropping below $60,000. Also, Ethereum (ETH) has increased 43.6% year-to-date.
XRP began the year above $0.60 but has now given up the psychological support levels at $0.60 and $0.50. Interestingly, it appears this discouraging performance has not impacted confidence among whale addresses. Specifically, addresses holding at least 1 million XRP have continued to increase since Jan. 1.
Addresses Holding at Least 1M XRP Increase to 2,043
Santiment data shows that these wallets have crossed the 2,000 mark, currently sitting at exactly 2,043 in number. This represents a greater number than the 1,957 recorded at the start of the year, suggesting that this tier of addresses has welcomed 86 wallets this year.
This indicates a divergence of trends, where investors have continued to augment their holdings despite XRP’s bearishness. Notably, data confirms that addresses holding between 10 million and 100 million XRP have recorded the highest increase. This tier saw an additional 69 wallets in the first half of the year, now up to 259.
Those with balances ranging from 1 million to 10 million tokens have risen by 16 to 1,586. Meanwhile, wallets with 100 million to 1 billion XRP have remained fixed at 38, neither increasing nor decreasing. The market saw an addition of 1 address holding at least 1 billion tokens, with their number rising to 160.
An Impressive Accumulation Trend
Further data indicates that these wallets holding 1 million XRP and above have accumulated 1.34 billion tokens in 2024. The balance cumulatively held by these addresses rose from 43.55 billion XRP on Jan. 1 to the current 44.89 billion tokens.
The most notable changes involved investors holding between 100 million and 1 billion XRP, as well as those holding 1 billion XRP and more. The former distributed or sold off 1.31 billion tokens, going from 10.66 billion XRP on Jan. 1 to 9.35 billion XRP now. Meanwhile, the latter procured 1.21 billion XRP within this period, now holding 25.15 billion tokens.
Amid the mixed trend of distribution and accumulation, XRP has slipped below $0.47, as it slumps 4.14% in 24 hours. The token is now retesting the lower Bollinger Band ($0.4619), with its RSI currently indicating failing strength. XRP needs to decisively push above the 20-day SMA ($0.4814) to flip its short-term momentum to bullish.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
