TLDR
- XRP whale wallets reached a record 317,500 during heightened market volatility.
- XRP rebounded to $2.38 after hitting a low of $2.25 on October 17.
- XRP futures open interest dropped to $3.49 billion, the lowest since June.
- Ripple is planning a $1 billion Digital Asset Treasury to hold XRP reserves.
Large XRP holders are increasing at a record pace, even as the wider crypto market faces ongoing volatility and uncertainty. This shift comes during a turbulent period for digital assets, but XRP is showing a strong rebound. The number of wallets holding large XRP amounts has never been higher, pointing to growing interest from bigger investors despite recent price pressure across the broader market.
Whale Wallets Reach Record Numbers
Recent data from blockchain analytics firm Santiment shows that wallets holding at least 10,000 XRP have hit a new record high. As of October 18, there are now about 317,500 such wallets, the highest ever recorded for the token.
This rise in large XRP wallets has taken place during a period of market downturn. Many investors appear to have taken advantage of the recent price drop to accumulate more tokens. XRP dropped to a low of $2.25 on October 17 but rebounded to $2.38 within 24 hours.
Market watchers say the increase in wallet count suggests that accumulation is taking place across mid- to large-tier investors. These kinds of wallet growth trends have occurred in previous periods of price correction, particularly since November 2024, when XRP crossed the $1 mark.
XRP Futures Open Interest Drops Sharply
While wallet accumulation rises, open interest in XRP futures has fallen to its lowest point since June. According to CoinGlass, open interest now stands at $3.49 billion.
This decline in leveraged positions suggests a shift from speculative trading to more cautious investing. Market analysts say lower open interest can be a sign that sellers have exited the market, which sometimes comes before a price recovery.
This move aligns with defensive behavior among investors, many of whom may be seeking long-term positions rather than short-term gains. As speculative interest drops, price volatility often eases, allowing for more stable accumulation trends.
Ripple’s Corporate Strategy in Focus
Ripple’s recent business activity may also be supporting XRP’s recovery. The company is reportedly working on a $1 billion Digital Asset Treasury (DAT), which would manage and hold XRP as part of its reserves.
Over the past two years, Ripple has invested about $3 billion in acquiring financial firms. These include Metaco, Hidden Road, Rail, and GTreasury. These moves aim to expand Ripple’s corporate infrastructure, which supports XRP and the company’s RLUSD stablecoin.
By building out a more connected finance stack, Ripple appears to be strengthening its position in the digital payments space. This has caught the attention of investors watching the long-term use case of XRP.
ETF Speculation Adds to Market Momentum
There is also growing market interest in the possibility of an XRP-based exchange-traded fund (ETF). Although not confirmed, reports suggest that the U.S. Securities and Exchange Commission may soon review XRP ETF applications.
This speculation has led to a rise in leveraged ETF product filings related to XRP. Investors are showing more interest in gaining exposure through these financial instruments.
The potential for an ETF has brought more attention to XRP from institutional investors. As activity increases, it reflects broader expectations around regulated investment products tied to digital assets.
