by Coinstrooper Crypto Articles
Quick Take
  • XRP (XRP) now counts a record 8.24 million non-empty wallets on its ledger, according to Santiment.
  • Yet, the token has dropped 17.21% over the past month to $1.31.
  • Large holders and spot ETF investors, meanwhile, have been sending mixed signals.
  • The price now trades just above a level Santiment treats as a test for the adoption signal.

What Happened

Large holders and spot ETF investors, meanwhile, have been sending mixed signals. The price now trades just above a level Santiment treats as a test for the adoption signal.

Market Context

Santiment’s data shows the holder count has kept climbing through months of price swings. The latest reading showed 4,772 new wallets in a single day, the fifth-largest spike since March.

With cumulative inflows nearly flat, total net assets have followed XRP’s price lower. They fell to $1.49 billion from $1.77 billion on September 25.

XRP’s price has yet to reflect any of that wallet growth. The altcoin now trades at $1.31, down 2.59% over the past day. That leaves it just above $1.30, one of the two levels Santiment is watching.

The post XRP Holders Hit a Record 8.24 Million, So Why Is the Price Still Sliding? appeared first on BeInCrypto.

Why It Matters

Larger holders, meanwhile, have been moving their XRP toward exchanges. They sent $112.4 million worth to Binance, the most in 7 months, according to analyst Darkfost. BeInCrypto reported that the move signals rising selling pressure.

The firm outlined the downside. It said a drop below $1.30 would weaken the adoption signal, particularly if daily new wallets fall under roughly 3,000.

XRP now sits less than 1% above $1.30 and about 7% below $1.40. The next few days of wallet data may show which level gives way first.

Details

XRP (XRP) now counts a record 8.24 million non-empty wallets on its ledger, according to Santiment. Yet, the token has dropped 17.21% over the past month to $1.31.

Holder Growth Meets Whale Deposits and a Small ETF Rebound

Still, wallet counts track addresses rather than people. One user or exchange can control many of them

Spot XRP ETFs make up the more positive side of the picture. The funds have taken in $4.25 million so far this week, per SoSoValue data, after a $1.84 million outflow the week before ended 13 straight weeks of inflows.

Even so, this week’s rebound is small compared with September. Over the past four weeks, the funds added $18.5 million, while the week ending September 25 alone brought in $75.6 million.

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XRP Hovers Just Above the $1.30 Line Santiment Is Watching

Santiment also set out the upside case in the post.

“$1.40 is the first level to watch. A sustained move above it while network growth stays near or above 4K daily wallets would mean a quick return to $1.50 is more than plausible,” it wrote.

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