Crypto Whales Quietly Stack XRP As Price Stalls

While the crypto market is stagnating and prices struggle to bounce back, a subtle signal draws observers attention: XRP whales are back. According to Santiment’s on-chain data, the number of wallets holding more than one million tokens is sharply rising, despite a falling price. This surge in activity, flying under the radar, could mark a turning point in the token’s dynamics, as analysts scrutinize signs of a new cycle.

XRP Whale Wallets 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 has started to increase again for the first time since September, despite price stabilization.

The platform specified : “the crypto price has fallen about 4 % since the beginning of 2026, but the number of wallets holding at least one million tokens is up for the first time since September. In total, 42 new wallets of this type have appeared on the ledger, an encouraging sign for the long-term outlook.”

This rise occurs amid a moderate price decline, down 4 % since the start of the year, making this dynamic all the more notable.

The chart shared by Santiment reveals a growing dissociation between price performance and large holder behavior. This trend manifests through several quantifiable elements :

• +42 new addresses have been recorded since January 1^st, each holding at least 1 million XRP tokens ;
• This recovery follows a drop of nearly 784 wallets observed between October and December 2025 ;
• The wallet growth began while the XRP price remained stable, without bullish signs at the time of acquisitions ;
• Analysts describe this kind of divergence between on-chain metrics and price action as potentially “constructive” for the long term.

These data suggest that some whales choose to reposition on XRP before any visible market reversal signal. This strategy could reflect a bet on an upcoming liquidity restructuring or medium-term catalysts not yet activated.

Accumulation Signals Multiply

Beyond the simple return of 42 wallets, other elements reinforce the idea of a discreet restart of the accumulation cycle. The study highlights that this recovery occurs without the price having truly recovered yet.

In other words, investors holding large volumes do not necessarily wait for a price increase to return to the market. This divergence between on-chain data and price action is sometimes called “constructive” by analysts, as it may signal a willingness to position at a low price before a potential recovery.

From a broader perspective, several factors could explain this renewed interest. The continuous decline of XRP balances on exchanges over the past year could indicate a willingness to store off-market, thus reducing available supply.

Furthermore, the approval of several spot XRP ETFs last November is mentioned as a structural factor likely to durably change distribution dynamics. However, analysts note that despite this recovery, the total number of millionaire wallets remains below its mid-2025 level, which calls for tempered conclusions.