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XRP whales reach highest concentration since 2022
Large XRP holders now control nearly 47 billion tokens, their biggest share in four years, as whale accumulation continues despite muted price performance.
Key takeaways
- Whale consolidation. XRP's largest holders have increased their collective share to levels not seen since late 2022, suggesting sustained confidence from major market participants.
- Price-activity divergence. Despite heavy accumulation by whales, XRP has struggled to gain meaningful traction, trading near $1.30 and creating a disconnect between whale behavior and broader market sentiment.
- Derivative dominance. Futures trading in XRP significantly outpaces spot trading, with leveraged contracts representing nearly six times the volume of direct purchases over a recent 24-hour period.
What happened
Wallets holding at least 10 million XRP have reached a major milestone, collectively controlling approximately 46.87 billion tokens according to Santiment, an on-chain analytics firm. This concentration represents roughly 68.5% of XRP's tracked supply, marking the highest level among these whale-sized addresses since November 2022.
The accumulation milestone comes as XRP's price has remained relatively subdued. On October 27, 2026, the token was trading near $1.32, up modestly over the previous 24 hours. The divergence between whale activity and price performance highlights a split in market sentiment, with major stakeholders increasing their exposure while smaller investors remain cautious.
Data from derivatives tracking firm CoinGlass reveals significant speculative activity surrounding XRP despite its muted price action. XRP futures open interest stands at approximately $2.96 billion, while 24-hour futures trading volume reached $2.22 billion, nearly six times the $387.42 million in spot trading volume recorded during the same period. Over the same timeframe, approximately $1.26 million in XRP futures positions were liquidated.
First $1.52Latest $1.31-13.8% over the period
Points are daily observations, not closing prices.
Why it matters
Sustained accumulation by large holders during periods of price weakness can signal confidence in an asset's long-term prospects and potentially create conditions for future recovery. According to Santiment's analysis, the ongoing whale buying suggests some market participants believe favorable conditions may eventually emerge if selling pressure from smaller holders subsides. However, the concentration itself does not guarantee immediate price movement, as some of these large addresses may belong to exchanges or institutional custodians holding assets on behalf of multiple investors rather than active traders positioning for gains.
Background
XRP's whale accumulation patterns have developed against a backdrop of the token's extended underperformance relative to broader cryptocurrency markets. Despite this, large holders have continued to build positions, signaling belief in the token's institutional adoption potential and regulatory clarity. Over the past seven days leading up to late October 2026, XRP added approximately 1.49% to its value, with its market capitalization reaching around $83.08 billion. The token had previously gained over 42% during the third quarter of 2026, indicating periods of renewed interest before recent consolidation.
What to watch
The dynamics between whale accumulation and price stability will remain worth monitoring as market conditions evolve. The significant role of derivatives trading, with futures volume dwarfing spot transactions, means that liquidations and leverage shifts could amplify price moves in either direction. Additionally, changes in the composition of whale holdings, such as the slight decline in wallets holding between 10 million and 100 million XRP noted in recent weeks, may signal shifts in how the largest stakeholders are positioning their assets.
Questions readers ask
What does it mean that whales control 68.5% of XRP's supply?
Santiment tracks XRP wallets holding at least 10 million tokens as major holders. Their combined position of 46.87 billion tokens represents a significant portion of the supply under the firm's tracking methodology, though some of these addresses may belong to exchanges or custodians rather than individual investors.
Why is whale accumulation important if the price isn't rising?
Whale accumulation during weakness can indicate that sophisticated market participants believe in the asset's future value. However, it doesn't guarantee immediate price recovery, as these large holders may be playing a long-term strategy while smaller investors remain uncertain.
