On-chain data reveals a significant surge in the number of XRP addresses holding at least 1 million tokens, surpassing 2,000 despite the challenges facing XRP in the market.
Despite predictions of 2024 being a bullish year overall, XRP has predominantly faced a downturn. Amidst widespread market volatility affecting Bitcoin (BTC) and other altcoins, most assets have shown positive performance year-to-date. However, XRP stands out as one of the few tokens experiencing declines this year.
XRP has demonstrated greater resilience than many assets against the recent market downtrend. Nevertheless, when examined over a longer timeframe, the asset has declined by 24.68% since January 1st.
XRP Yearly Performance
In contrast, BTC has surged by 41% this year despite a recent drop below $60,000, while Ethereum (ETH) has shown a 43.6% increase year-to-date.
XRP started the year above $0.60 but has since relinquished critical support levels at $0.60 and $0.50. Interestingly, despite this challenging performance, confidence among large XRP holders remains steadfast. Specifically, addresses holding at least 1 million XRP have continued to grow since the beginning of the year.
Addresses Holding 1M XRP Reach 2,043
Data from Santiment indicates that these wallets have exceeded 2,000, currently numbering exactly 2,043. This marks an increase from 1,957 at the start of the year, indicating the addition of 86 wallets in this tier.
XRP Addresses Holding 1M Tokens | Santiment
This divergence in trends highlights investors’ ongoing accumulation despite XRP’s bearish market sentiment. Notably, data confirms that addresses holding between 10 million and 100 million XRP have seen the most substantial growth, adding 69 wallets in the first half of the year, now totaling 259.
Those with holdings ranging from 1 million to 10 million tokens have increased by 16 to 1,586. Meanwhile, wallets holding between 100 million and 1 billion XRP remain unchanged at 38. There has been an addition of 1 address holding at least 1 billion tokens, bringing their total to 160.
Impressive Accumulation Trends
Further data reveals that these wallets holding 1 million XRP or more have accumulated 1.34 billion tokens in 2024. The cumulative balance held by these addresses has risen from 43.55 billion XRP on January 1st to the current 44.89 billion tokens.
XRP Address Balances | Santiment
The most notable changes involve investors holding between 100 million and 1 billion XRP, who distributed or sold off 1.31 billion tokens, reducing their holdings from 10.66 billion XRP to 9.35 billion tokens. Meanwhile, those holding 1 billion XRP or more acquired 1.21 billion XRP during this period, now holding 25.15 billion tokens.
Amidst this mixed trend of distribution and accumulation, XRP has slipped below $0.47, marking a 4.14% decline in the past 24 hours. The token is currently testing the lower Bollinger Band ($0.4619), with its RSI indicating weakening strength. XRP needs to decisively rise above the 20-day SMA ($0.4814) to shift its short-term momentum to bullish.
Disclaimer: This article provides informational content and should not be construed as financial advice. The opinions expressed herein are those of the author and do not necessarily reflect The Crypto Basic’s viewpoint. Readers should conduct their own research before making investment decisions, as The Crypto Basic assumes no responsibility for financial losses.
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