Record Number of XRP Wallets, But Price Momentum Remains Weak
The number of XRP wallets holding more than 10,000 XRP has reached an all-time high, but network activity remains near a five-month low, creating a divergence between accumulation and actual usage of the XRP Ledger.
Summary:
- Wallets holding more than 10,000 XRP reached a record high.
- Active addresses dropped close to a five-month low.
- XRP is trading slightly below the 50-period moving average (MA).
- RSI remains neutral with no clear momentum.
Large XRP Holders Are Buying
Data from Santiment shows that the number of wallets on the XRP Ledger holding at least 10,000 XRP has reached a new all-time high of 332,230.
This continues a steady accumulation trend that began back in June 2024.
Wallets of this size are typically considered medium-to-large holders because positions of this scale are harder to liquidate quickly, and their behavior tends to reflect long-term positioning rather than short-term speculation.
As a result, these metrics are often closely monitored to determine whether larger capital is gradually accumulating the asset.
The February crash adds further context to the current picture.
Between February 6 and 8, more than 4,500 wallets from this group disappeared in just two days following the massive liquidation wave on February 5, which affected nearly the entire crypto market.
At the time, it appeared that some larger holders were beginning to lose confidence.
Instead, however, the number of wallets not only recovered but also surpassed pre-crash levels.
This has led some analysts to interpret the February move as a transfer of XRP from weaker hands to stronger long-term holders, rather than a loss of confidence in the asset itself.
Network Activity Tells a Completely Different Story
While the number of larger holders continues to rise, activity on the XRP Ledger itself has gradually weakened.
According to data from CryptoQuant, daily active addresses have dropped to around 16,000 – close to the lowest levels seen in the past five months.
For comparison, around January 5 active addresses reached approximately 33,000 while XRP was trading near $2.40.
Since mid-April, activity has mostly fluctuated between 14,000 and 19,000 addresses per day.
The chart also shows two shorter recoveries.
Around February 16, active addresses again jumped close to 32,000 while XRP traded around $1.90, and at the end of March they climbed to roughly 29,000 with XRP near $1.85.
In both cases, however, activity declined again just a few days later. That is the important detail.
The growth in large wallets continues almost independently of short-term spikes in network activity.
In other words, accumulation and actual network usage are starting to move in different directions. Such divergence is not automatically either bullish or bearish.
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This type of setup can appear both before a major upward move and during periods when market participants simply stop actively interacting with the network.
Price Remains Within an Uptrend Structure
At the time of writing, XRP is trading around $1.4529 on the one-hour chart. The technical structure still appears relatively stable.
The 50-period moving average (MA) sits at $1.4563, the 100 MA at $1.4465, and the 200 MA around $1.4286, with all three moving averages still aligned in a bullish sequence.
The price is trading slightly below the 50 MA, which currently acts as the main resistance level, but it still remains above both the 100 MA and 200 MA.
This suggests that the broader short-term structure has not yet broken down.
RSI is currently around 50.34. A setup like this usually indicates a market without strong short-term momentum. It is more of a waiting phase before the next major signal emerges.
This is where the divergence between the growing number of wallets and weakening network activity becomes increasingly important.
Why Accumulation Alone Is Not Enough
The natural reaction to a record number of wallets is to expect future price appreciation.
But accumulation alone does not automatically move the market. For a sustainable price rally to emerge, network activity also needs to increase.
Higher network activity and rising transaction counts are what transform buying pressure into real price momentum.
The spikes in active addresses seen in February and March already demonstrated that short-term recoveries can occur without changing the broader long-term trend.
For now, accumulation and short-term trading activity appear to be two separate lines that have not yet intersected.
If active addresses manage to climb sustainably above 25,000 for several consecutive days, combined with a breakout above $1.60 and stronger volume, that would be the first more serious signal that accumulation is beginning to translate into real network activity.
On the other hand, if active addresses remain below 18,000 through the end of May and XRP fails to reclaim and hold above the 50 MA, the market may gradually begin interpreting weak network activity as a sign that accumulation alone is not enough to trigger a new upward impulse. In that case, price could drift toward the 200-period moving average around $1.42, which previously limited the latest decline on the hourly chart.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
