As XRP fights to retain support above $2, new data reveals a significant shift in the asset’s distribution dynamics. The number of whale and shark wallets holding at least 100 million XRP has dropped sharply, indicating a major reshuffling among large holders.
According to Santiment data published on December 1, these high-balance wallets have declined by 20.6% over the past eight weeks — a reduction of 569 addresses.
Yet, despite the drop in wallet count, the remaining top holders have continued accumulating, collectively amassing an impressive 48 billion XRP. This represents a seven-year high in total holdings among the largest addresses.
What This Means for XRP’s Price
The ongoing consolidation among top-tier wallets suggests that major investors may be positioning for long-term gains. The decline in large wallet numbers could indicate that smaller holders are selling or being squeezed out, while bigger players continue to build their positions.
Such accumulation typically reduces circulating supply — a dynamic that, paired with increasing demand, could support upward price pressure. The steady growth among whales and sharks reinforces a bullish long-term outlook, potentially boosting market confidence and attracting additional capital.
Spot ETF activity adds to this narrative. On December 1, four XRP-focused ETFs recorded $89.65 million in inflows, bringing total inflows to $756.26 million since launch. These funds are currently the top performers in the crypto ETF category, far surpassing Bitcoin ETFs, which saw just $8.48 million in inflows. Meanwhile, Ethereum, Solana, and Dogecoin funds posted significant outflows, including more than $79 million from ETH and $13.55 million from SOL.
XRP Price Outlook
At press time, XRP trades at $2.04, up 1.2% over the past 24 hours but down more than 8% on the weekly chart.
Technical indicators point to a cautious market environment:
- 50-day SMA: $2.35 — price is below the short-term trend, signaling bearish sentiment
- 200-day SMA: $2.65 — price remains below the long-term average, reinforcing downward pressure.
- 14-day RSI: 39.63 — neutral but leaning toward oversold, suggesting modest selling pressure with potential room for consolidation or a rebound depending on broader market conditions.
An experienced fintech marketer, now diving into Web3, crypto markets, and decentralized systems. Breaking down complex blockchain developments for accessible understanding.
