Recent blockchain analytics reveal an interesting trend: the number of XRP wallets containing over a million tokens has begun to increase, marking a shift in investor behavior.

Growth in High-Value XRP Wallets

According to insights from the analytics platform Santiment, there has been a notable rise in the number of large XRP wallets over the last month. This analysis primarily focuses on the “Supply Distribution” metric, which tracks the distribution of token holdings across various wallet sizes.

The relevant portion of interest consists of wallets holding at least 1 million XRP tokens. With XRP’s current market value pegged at approximately $1.87 million, only significant investors are entering this category.

Looking closely at the supply distribution data, it becomes evident that the number of high-value wallets had previously declined between October and December.

This dip coincided with a broader downturn in the cryptocurrency market. A total of 784 million-dollar wallets exited the XRP ecosystem in this period. However, the beginning of January has brought a reversal of this trend. Notably, while XRP’s price has diminished slightly—by about 4% since the start of the year—the number of millionaire wallets has rebounded for the first time since early fall, as observed by Santiment.

To date, the number of wallets with holdings exceeding 1 million tokens has increased by 42, a modest rise but still positive. The stabilization or entry of wealthy investors could signal a new phase for the network.

In contrast, Dogecoin has faced a downtrend concerning whale participation. Recent data from Santiment indicates a dramatic 94.6% reduction in whale transaction activities, as highlighted by analyst Ali Martinez in a recent post.

As depicted, whale transactions in XRP were at 109 four weeks ago but have since dwindled to just 6. This indicates a potential shift in focus away from Dogecoin among large investors.

This trend hints that high-value investors are becoming increasingly cautious, reflecting a wider sentiment in the crypto market where uncertainty prevails.

XRP Market Valuation

The current trading price of XRP stands around $1.87, representing a 22% decrease from its peak earlier this month.