On-chain data indicates a notable increase in the number of XRP addresses holding at least 1 million tokens, surpassing the 2,000 mark despite facing market challenges.
Even though there have been optimistic predictions for 2024, XRP has generally experienced a downturn. Amid the market-wide instability affecting Bitcoin (BTC) and other altcoins, most assets have still recorded gains year-to-date. However, XRP is among the few tokens experiencing declines this year.
XRP has demonstrated more resilience compared to most assets amidst the recent downtrend. Nevertheless, over a longer timeframe, the asset has plummeted by 24.68% since January 1st.
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### XRP Yearly Performance
In contrast, BTC has increased by 41% this year despite recently falling below $60,000. Similarly, Ethereum (ETH) has risen by 43.6% year-to-date. XRP started the year above $0.60 but has since lost the psychological support levels at $0.60 and $0.50. Interestingly, this discouraging performance has not dampened the confidence among whale addresses. Specifically, addresses holding at least 1 million XRP have continued to increase since January 1st.
### Addresses Holding at Least 1M XRP Increase to 2,043
Data from Santiment reveals that these wallets have exceeded the 2,000 mark, currently numbering 2,043. This is an increase from the 1,957 recorded at the start of the year, indicating that 86 new wallets have joined this tier.
### XRP Addresses Holding at Least 1M Tokens | Santiment
This trend divergence shows that investors have continued to augment their holdings despite XRP’s bearish performance. Notably, addresses holding between 10 million and 100 million XRP have recorded the highest increase, with an additional 69 wallets in the first half of the year, bringing the total to 259.
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Wallets with balances ranging from 1 million to 10 million tokens have risen by 16, reaching 1,586. Meanwhile, wallets with 100 million to 1 billion XRP have remained steady at 38, neither increasing nor decreasing. The market saw one new address holding at least 1 billion tokens, raising their total to 160.
### An Impressive Accumulation Trend
Further data shows that these wallets holding 1 million XRP and above have accumulated 1.34 billion tokens in 2024. The cumulative balance held by these addresses rose from 43.55 billion XRP on January 1st to the current 44.89 billion tokens.
### XRP Address Balances | Santiment
The most significant changes were observed among investors holding between 100 million and 1 billion XRP, as well as those holding over 1 billion XRP. The former group distributed or sold off 1.31 billion tokens, reducing their holdings from 10.66 billion XRP on January 1st to 9.35 billion XRP currently. Meanwhile, the latter group procured 1.21 billion XRP during this period, now holding 25.15 billion tokens.
Amid the mixed trends of distribution and accumulation, XRP has slipped below $0.47, declining by 4.14% in 24 hours. The token is now retesting the lower Bollinger Band ($0.4619), with its RSI currently indicating weakening strength. XRP needs to decisively push above the 20-day SMA ($0.4814) to reverse its short-term momentum to bullish.
**Disclaimer:** This content is for informational purposes 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’s stance. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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