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$XRP rich list is showing steady growth despite the recent slump in the coin’s price just as most of the crypto market experienced a November downturn.
According to blockchain Santiment Intelligence, $XRP wallets holding at least 10,000 coins have grown to a total of 343,500, representing a 5.15% increase in 9 months.
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Source: Santiment Intelligence
Even more, the total number of $XRP holders has experienced consistent growth in the past year, now reaching 8.66 million holders.
On the other hand, $XRP price is down by about 30% in the last 7 weeks, and 18.75% in the past week. Factors contributing to this negative momentum include hotter-than-expected US inflation, tech and AI stock sell-off, and Democrats securing majority seats in both the House and Senate.
It didn’t help that the recent Binance hack involved almost $300 million $XRP, and that institutions have dumped about $18 million in $XRP ETFs in the past two days.
Source: CoinMarketCap
One key opinion leader and a former Ripple executive even admitted to halting his purchase of $XRP, citing low risk tolerance as his reason for dumping more than 88% of his $XRP holdings.
When these metrics are placed side by side with the dipping price of $XRP, we see what Santiment calls an “encouraging divergence”. It is historically a bullish sign when high-capital traders steadily absorb sell-side pressure rather than taking off with retailers.
The $1.00 price is now the key level to watch: should sharks and whales continue their accumulation trajectory while $XRP holds above $1 and Bitcoin prices stabilize, $XRP could reclaim $1.10 to $1.15.
On the flip side, the market could experience short-term sell pressure should wallet growth turn negative while $XRP’s price falls below $1. That said, once retail FUD had subsided, prices might begin to recover and once again retest the $1.00 psychological support.
