XRP Network Sets New Record: 10,000+ Token Wallets At Highest Ever

Data shows XRP has reached a new milestone in its 10,000+ token wallets, a sign that large investors have been coming into the network.

Addresses are divided into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins group, for example, includes all holders who own between 1 and 10 BTC. In the context of the current topic, the range of interest is the 10,000+ coins one (with there being no upper bound).

Now, here is the chart shared by Santiment that shows how the Supply Distribution for the 10,000+ coins group has changed on the XRP network over the last few months:

As displayed in the above graph, the total number of XRP wallets holding more than 10,000 tokens observed a plunge alongside the price crash from January-end/February-start. This means that some of the prominent investors of the cryptocurrency cleared out their balance amid the market panic.

While the decline was sharp, it lasted only briefly, and before long, the indicator was back to following a similar trajectory as before the crash: a gradual uptrend. The new uptrend maintained throughout March and April, and so far, it has also sustained in May.

After the latest continuation to this trajectory, the indicator has completely retraced the earlier plummet and reached a value of 332,230, which is a new all-time high (ATH). The analytics firm noted:

The continued rise in XRP Ledger wallets holding at least 10,000 XRP is an important long-term signal because it shows that larger holders have kept accumulating even during periods of volatility and uncertainty.

From the chart, it’s visible that Evernorth’s XRP treasury, which spent $950 million to assemble its holdings, is currently down $389 million.

At the time of writing, XRP is trading around $1.43, down 1% over the last 24 hours.