On-chain data indicates that more than 500,000 XRPL wallets hold nearly 11 million XRP tokens in idle balance.
Dr. Artur Kirjakulov, co-founder and CEO of analytical platform XPMarket, first highlighted this interesting metric, calling attention to the sheer amount of XRP tokens residing idle in these wallets.
Over 500,000 Accounts Hold 10.77M XRP
According to him, up to 538,586 XRPL wallets hold 20 XRP tokens, currently worth $62 at the current price of around $3.1. For context, these accounts make up about 7.64% of the total wallets on the XRPL, which recently crossed the 7 million mark, now at 7,048,872.
Put together, these 538,596 XRPL wallets collectively hold 10.771 million XRP tokens worth over $33 million. Notably, these assets have remained dormant in these accounts, leading to suggestions that they might represent the earliest reserve balance necessary for opening an XRPL account.
For context, upon the launch of the XRP Ledger in 2013, the original architects, which include current Ripple CTO David Schwartz, embedded a minimum account balance requirement of 20 XRP for each wallet created. This balance, worth just around $0.12 at XRP’s earliest trading prices, was unspendable and acted as a means to mitigate spam activity on the network.
However, as XRP’s price appreciates, the dollar worth of this requirement increases with it. As a result, the XRPL community voted in September 2021 to reduce the base reserve requirement for opening XRPL wallets to 10 XRP. At the time, these 10 XRP tokens had a worth of $12, as XRP traded at around $1.2.
Again, in early December 2024, following the XRP price surge above the $2 psychological mark, XRPL validators agreed to reduce the reserve from 10 XRP to 1 XRP, representing a 90% reduction.
Nonetheless, it appears the owners of some of the accounts opened in the early days, as well as those opened since 2021, have either abandoned or left the accounts dormant. Notably, with 538,586 wallets holding 20 XRP, this is the second most common balance on the XRPL.
1.13M XRPL Wallets Hold $51.7M in Idle Balance
Meanwhile, data from XRPL Stats, an analytical resource for the XRP Ledger, shows that 10 XRP is the most common holding, representing the mode balance on the network. For context, 592,818 XRPL wallets, accounting for about 8.4% of total wallets, hold 10 XRP. Recall that 10 XRP also served as the minimum reserve balance from September 2021 to December 2024.
Combined, both categories amount to 1.13 million XRPL wallets, holding a total of 16.7 million XRP worth over $51.7 million. Notably, this also bolsters the sentiment shared among some market commentators that XRP’s circulating supply is smaller than most perceive, and a supply shock could be imminent. However, this remains speculative at press time.
Reacting to Dr. Kirjakulov’s recent disclosure, a market participant called attention to California’s bill AB 1052. For context, part of the bill allows the state to take control of assets on centralized exchanges that have been dormant for over three years as unclaimed property.
The individual asked if this might not impact the dormant XRPL wallets. Notably, the bill only pertains to tokens on exchanges such as Coinbase and not on-chain wallets. In addition, the state will not liquidate any assets it confiscates, and owners can always reclaim them by verifying their ID.
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.
