Million-XRP Wallet Cohort Grows 32 Addresses While Market Cap Sheds 29%

The XRP Ledger’s million-plus token cohort just printed a quiet accumulation signal that directly clashes with the token’s slumping valuation. According to the Santiment update, wallets holding at least one million XRP collectively grew by 32 addresses over a three-month stretch.

During that same window, XRP’s market capitalization contracted by 29%—a divergence that suggests selling pressure was met with sustained demand from wealthy addresses rather than broad exit liquidity. The data complicates the straightforward narrative of a summer price slide.

Instead of capitulation among large-scale holders, the cohort expanded. That pattern often maps to distribution logic where panic sellers hand off positions to better-capitalized or longer-duration buyers.

Even if the cohort increase is modest in absolute terms, the direction is what matters: when price drops and whale-tier wallets multiply, the market is absorbing supply at depressed levels.