Ripple opened Swell 2026 in New York on Tuesday, October 27, one day after receiving final approval from the Office of the Comptroller of the Currency (OCC) to establish its national trust bank. At the same time, the 1 billion XRP released from escrow on October 1 had still not left Ripple’s wallets.

XRP has lost 15.8% over the past month. The token was trading at $1.29, up 0.3% over 24 hours, with $1.35 billion in trading volume.

Ripple’s October XRP Unlock Remains in Its Wallets

On October 1, four escrow contracts released 1 billion XRP into two Ripple wallets identified by XRPScan as “Ripple 10” and “Ripple 11,” with 500 million XRP sent to each wallet. The releases came from the escrow program Ripple created in 2017, when it locked 55 billion XRP in on-ledger contracts that unlock up to 1 billion tokens per month on a schedule set in advance on the XRP Ledger. A review of the XRP Ledger on October 27 showed that both wallets still held their respective 500 million XRP balances and had not sent a payment since receiving the tokens.

Each wallet also contains another 500 million XRP in escrow scheduled to mature on Sunday, November 1. As a result, approximately 2 billion unlocked XRP could be held in the two Ripple wallets by the weekend.

The fact that the October release has remained untouched does not guarantee that Ripple will not sell or transfer the tokens. The company could relock the XRP or move it after the conference. The activity of Ripple 10 and Ripple 11 therefore remains relevant to the month’s XRP supply data.

Large XRP Holders Control 68.5% of Supply

Santiment reported that wallets holding at least 10 million XRP now control 46.87 billion tokens, or approximately 68.5% of the cryptocurrency’s supply. That is the highest proportion held by this group since November 2022. With more than two-thirds of the supply concentrated in this group’s wallets, movements in their holdings are closely watched.

Santiment Intelligence posted the data on X on October 26: https://x.com/SantimentData/status/2114852436024160434?ref_src=twsrc%5Etfw

“XRP Whales Now Control Most Supply Since 2022 Wallets holding at least 10M XRP now control 46.87B tokens. That represents roughly 68.5% of XRP’s supply, the highest share held by this group since November 2022. The key signal is that these massive holders have kept…” — Santiment Intelligence (@SantimentData), October 26, 2026.

The increase is concentrated among the largest wallets. Analyst Ali Martinez said that the number of wallets holding between 10 million and 100 million XRP declined from 351 to 339 between October 19 and October 25.

Exchange data indicates continuing selling pressure. CryptoQuant counted 6.05 billion XRP sent to exchanges during the 30 days through October 19, the highest amount since March. Meanwhile, the 90-day average of whale withdrawals fell to $49.7 million, its lowest level since October 2021.

U.S. spot XRP exchange-traded funds recorded $3.61 million in outflows on Monday, all from Bitwise’s fund. The fund still held $1.47 billion in assets.

Ripple Announces Trust Bank and RLUSD Yield Product

Ripple’s announcements ahead of Swell focused on a bank charter and a yield product for corporate cash. Neither product directly uses XRP.

The OCC gave Ripple final approval on Monday to open Ripple National Trust Bank. A national trust charter places a firm under the OCC’s ongoing federal supervision and allows it to operate nationwide under a single federal framework rather than a patchwork of state licenses. According to Ripple’s announcement, the bank will hold the reserves backing the RLUSD stablecoin and provide digital-asset custody for institutions. It will not accept deposits or make loans. The company’s announcement is available at Ripple’s official website.

Ripple Treasury, the corporate software developed following the company’s $1 billion GTreasury deal, also launched 24/7 Returns on the same day. The product allows eligible companies to earn a return on RLUSD while banks are closed. Ripple did not provide a rate, and the release did not mention XRP.

Swell, the annual conference Ripple has historically used to announce new products and partnerships, is scheduled for October 27–29 at The Shed in Hudson Yards. Ripple’s event page says the company has incorporated its Apex developer event into Swell for the first time. Details are available at Ripple’s Swell event page.

Ripple CEO Brad Garlinghouse described the bank charter as evidence that the cryptocurrency industry and banks work better together. He wrote on X on October 26:

“Big news heading into @RippleSwell : the @USOCC has granted final approval for Ripple National Trust Bank. This gives Ripple a federally supervised platform to support $RLUSD and provide digital asset custody to enterprises. We’ve always said crypto and banks work better…” — Brad Garlinghouse (@bgarlinghouse), October 26, 2026. The post is available at https://x.com/bgarlinghouse/status/2114860293859778775?ref_src=twsrc%5Etfw.

XRP Remains Below Key Moving Averages

XRP closed the previous day at $1.3092 on Binance and was trading near $1.2990. The price remained below both its 50-day exponential moving average (EMA), which was $1.3601, and its 200-day EMA, which was $1.3709. An EMA gives greater weight to more recent prices.

The area between $1.3601 and $1.3709 represents the two moving averages, which were approximately one cent apart. The October 21 high of $1.3992 marked the level at which the previous rebound ended.

On the downside, $1.2546 was identified as a level to defend after marking Saturday’s low. It was close to the $1.2562 level that held on October 18.

The XRP wallets labeled Ripple 10 and Ripple 11, rather than exchanges, remain the primary wallets to monitor during Swell. Any transfers from those wallets after the event would affect the month’s XRP supply data, although the timing and purpose of any such transfer cannot be determined from the current wallet balances alone.