While the crypto market is stalling and prices are struggling to rebound, a discreet signal is attracting the attention of observers: XRP whales are back. According to on-chain data from Santiment, the number of wallets holding more than a million tokens is clearly increasing, despite a falling price. This renewed activity, which has gone under the radar, could mark a turning point in the dynamics of the token, as analysts scrutinize the signs of a new cycle.
In brief
- Wallets holding more than 1 million XRP are on the rise again for the first time since September 2025.
- 42 new addresses have been registered since the beginning of January 2026, despite a 4% drop in the price of XRP.
- This renewed activity of whales suggests an anticipated accumulation strategy, before any visible market rebound.
- Analysts observe a divergence between on-chain data and price action, often interpreted as a constructive signal.
XRP whale wallets are on the rise again
According to on‑chain data published on January 28, 2026 by the analytics company Santiment, the number of wallets holding at least one million XRP tokens began to grow again for the first time since September, despite a stabilization of its price.
The platform specified: “The price of crypto has fallen about 4% since the start of 2026, but the number of wallets holding at least a million tokens is up for the first time since September. In total, 42 new such wallets appeared on the register, an encouraging sign for the long-term outlook”.
This rise occurs in a context of moderate fall in price, down 4% since the start of the year, which makes this dynamic all the more notable.
The chart shared by Santiment reveals a growing dissociation between price performance and the behavior of large holders. This trend is manifested through several quantifiable elements :
- +42 new addresses have been registered since the 1er January, each holding a minimum of 1 million XRP tokens;
- This recovery follows a fall of nearly 784 portfolios observed between October and December 2025;
- The growth of the portfolios began while the price of XRP remained stable, with no signs of a bullish recovery at the time of the acquisitions;
- Analysts describe this type of divergence between on-chain metrics and price action as potentially “constructive” for the long term.
This data suggests that some whales are choosing to reposition into XRP ahead of any visible reversal signals in the markets. This strategy could reflect a bet on an upcoming restructuring of liquidity or on medium-term catalysts not yet activated.
Accumulation signals are multiplying
Beyond the simple return of 42 portfolios, other elements reinforce the idea of a discreet restart of the accumulation cycle. The study underlines that this recovery occurs without the price having really recovered yet.
In other words, investors holding large volumes are not necessarily waiting for a rise to return to the market. This divergence between on-chain data and price action is sometimes referred to as “constructive” by analysts, because it can signal a desire to position itself at a low price before a possible recovery.
From a more global point of view, several elements could explain this renewed interest. The continued decline in XRP balances on exchanges over the past year could indicate a desire for off-market storage, thereby reducing the available supply.
Furthermore, the approval of several spot XRP ETFs last November is mentioned as a structural factor likely to lastingly modify distribution dynamics. However, analysts note that despite this recovery, the total number of millionaire portfolios remains below its mid-2025 level, which calls for qualifying hasty conclusions.
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