The crypto market is in turmoil, and amid the turbulence, some assets are attracting particular interest. The number of large wallets holding XRP continues to grow, although the crypto is facing many challenges. This mysterious accumulation is happening amid a choppy market, raising questions about the asset’s long-term prospects.
Over 2,000 Crypto Wallets Hold 1 Million XRP
Since the beginning of 2024, the number of staked addresses holding at least 1 million XRP has seen a significant increase. From 1957 at the beginning of the year, this figure has climbed to 2043, an increase of 86 additional wallets. This trend indicates increased confidence among major investors despite market volatility. Addresses holding between 1 million and 10 million XRP also followed this upward trend, rising from 1,570 to 1,586, an increase of 16 wallets.
Meanwhile, wallets holding between 10 million and 100 million XRP saw the biggest growth, increasing from 190 to 259, or 69 additional wallets. This shows that large investors continue to accumulate XRP, perhaps seeing long-term potential despite the current market challenges. However, wallets holding between 100 million and 1 billion XRP remained constant at 38, with neither an increase nor a decrease.
XRP faces a dark year
Since the beginning of 2024, Ripple’s XRP crypto has performed disappointingly. In January, XRP was trading above $0.60, but it quickly lost ground, falling below the psychological thresholds of $0.60 and $0.50.
Currently, the coin is trading around $0.46, down 24.68% year-to-date. This drop is in stark contrast to other major cryptos like bitcoin, which is up 41% in 2024, and ether, which is up 43.6%. Despite these significant declines, the confidence of major investors in XRP seems to remain intact. The number of addresses holding large amounts of the coin continues to increase, signaling continued accumulation.
Large investors appear to be betting on a future rebound, as evidenced by the increase in addresses holding large amounts of XRP crypto. It remains to be seen whether this confidence will be justified in the coming months.
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