The decline in the number of wallets may also reflect some large holders moving their funds elsewhere. Meanwhile, the remaining wallets appear to be absorbing the remaining liquidity, and their total holdings remain relatively stable.
XRP's largest on-chain wallet has seen a number of changes in recent weeks. New data from analytics firm Santiment reveals contrasting movements in the number of wallets and balances.
The platform reports that the group of wallets holding at least 100 million XRP has shrunk. It also notes that the total amount of coins held by remaining wallets has reached a multi-year peak.
Large XRP wallets shrink by more than 20%
According to Santiment, the number of over 100 million XRP wallets has decreased by 20.6% over the past eight weeks, further compounding the aforementioned decline. This decrease corresponds to 569 large wallets moving out of this category during the period.
The attached graph shows a steady increase in the number of large wallets from most of 2024 through early 2025. This upward trend has since reversed sharply from early October 2025 to the present, highlighting a remarkable change in on-chain dynamics.
The price movement over the same period shows a weak phase for XRP, with candlesticks showing consistent pressure across recent sessions. The decline in large wallets appears to be tracking this benign background, suggesting a possible correlation between wallet activity and market conditions.
On-chain flows suggest consolidation between major addresses, and some balances may be consolidated into fewer wallets. This allows you to reduce the number of visible wallets even if your overall holdings remain largely unchanged.
Whale Holdings soars to seven-year high
Santiment highlights contrasting signals within the dataset, as the remaining 100 million-plus wallets currently hold 48 billion XRP. This level reflects the highest level in the past seven years and represents a clear jump in supply concentration.
The increase in total holdings suggests that the major holders who remained with the group accumulated more XRP. It also shows that a small number of wallets now control a large share of the circulating supply, highlighting the increasing concentration on top addresses.
Santiment data shows that the supply held by these major wallets has steadily increased since late 2023. This increase continued through 2024 and remained steady through 2025 despite changing market conditions.
The platform does not provide price predictions related to these movements. XRP briefly fell below $2.00 on Monday as the entire market turned risk-off. The token has since regained some momentum and is trading above $2.05 at the time of writing.
