XRP wallets reached a record 8.24 million, but price dropped 17.21% to $1.31. Large holders moved $112M to Binance; ETF inflows remain modest.
Santiment reports that XRP (XRP) has reached a record 8.24 million non-empty wallets. However, the token's price declined 17.21% in the last month, now at $1.31.
Meanwhile, large holders and spot ETF investors have given conflicting indications. The current price sits just above a threshold that Santiment considers a test for the adoption signal.
According to Santiment, the number of holders has continued to rise amid price volatility. The most recent data recorded 4,772 new wallets in one day, marking the fifth-largest increase since March.
However, wallet counts represent addresses, not individual users. A single person or exchange can operate multiple addresses.
Meanwhile, larger holders have been transferring XRP to exchanges. Analyst Darkfost noted that $112.4 million was sent to Binance, the highest amount in seven months. BeInCrypto reported that this indicates growing selling pressure.
On the positive side, spot XRP ETFs have attracted $4.25 million this week, according to SoSoValue. This follows a $1.84 million outflow the previous week that ended a 13-week streak of inflows (source).
Nevertheless, the current recovery is modest relative to September. In the last four weeks, ETFs added $18.5 million, whereas the week ending September 25 saw $75.6 million in inflows.
As cumulative inflows have remained largely unchanged, total net assets have declined along with XRP's price. They dropped from $1.77 billion on September 25 to $1.49 billion.
The price of XRP has not yet responded to the wallet growth. The altcoin is currently trading at $1.31, a 2.59% decline in the past 24 hours. This places it just above $1.30, one of two key levels identified by Santiment.
Santiment outlined the bearish scenario. A decline below $1.30 would undermine the adoption signal, especially if daily new wallets drop below about 3,000.
The firm also described the upside potential.
“$1.40 is the first level to watch. A sustained move above it while network growth stays near or above 4K daily wallets would mean a quick return to $1.50 is more than plausible,” it wrote.
XRP is currently less than 1% above $1.30 and roughly 7% below $1.40. Upcoming wallet data in the next few days could indicate which level will break first.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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