XRP Large Wallets Keep Growing Through a 30% Slide Toward $1.05 - Cryptonews.net

Blockchain analytics firm Santiment reported on November 11 that XRP wallets holding at least 10,000 tokens have grown significantly despite the cryptocurrency's price decline. The firm noted there are now approximately 343,500 such wallets, an increase of 16,815 (+5.15%) since February 9, as XRP's price weakened by roughly 30% over seven weeks.

Accumulation Amid Decline

Santiment interpreted the divergence between growing wallet counts and falling prices as accumulation behavior. The firm explained that when larger holders continue to appear during a market selloff, it suggests some higher-capital traders are using market fear to build positions rather than abandoning XRP.

Wallet Count Methodology

Santiment's methodology groups addresses by token balance, distinguishing between the number of wallets and their combined holdings. The firm also reported that wallets holding at least 1 million XRP reached 2,147 on November 3, the highest tally of the year for that category, having gained 28 addresses over a 10-day period.

The increase in wallet counts doesn't necessarily represent new purchases, as changes can result from transfers into self-custody or exchanges using shared addresses. Santiment clarified that wallet growth reflects balances and custody arrangements rather than just new ownership.

Price Support at $1

As of November 11, XRP traded at $1.06, above the $1 level Santiment identified as key support. The token stood 18.61% below its $1.31 price from a week earlier, 22.35% below $1.37 from a month prior, and 55.93% below $2.41 from a year earlier.

Santiment tied potential recovery toward $1.10-$1.15 to XRP holding the $1 level, continued growth in wallets holding at least 10,000 tokens, and Bitcoin stabilizing. The firm warned that a loss of $1 alongside a reversal in wallet growth would likely trigger a short-term sell-off, though retail fear following such a decline could quickly lead to a price bounce.