The largest XRP holders now control a bigger share of the token's supply than at any point in nearly four years.

According to on-chain analytics platform Santiment, wallets holding at least 10 million XRP account for 68.5% of the total supply — the highest concentration recorded since November 2022.

What the Whale Data Shows

Santiment's metric tracks every wallet with a balance of 10 million XRP or more and divides them into three tiers: 10 million to 100 million tokens, 100 million to 1 billion tokens, and more than 1 billion tokens. The 68.5% figure aggregates all three tiers combined. Whale-supply share is one of several on-chain metrics market watchers use to assess how much of a token's supply sits with a limited number of addresses.

The smallest of those tiers is shrinking. Based on Santiment data reviewed by crypto analyst Ali Martinez, the number of wallets holding between 10 million and 100 million XRP fell from 351 to 339 — a decline of 12 addresses.

The on-chain record alone does not explain the drop. Those holders may have sold, distributed their balances across multiple addresses, or moved up into a larger tier. What the data does establish is that the aggregate share of supply held by whales climbed even as the headcount in the 10 million to 100 million bracket declined.

Tokens Moving Onto Exchanges

Exchange balances have also ticked higher. Approximately 47 million XRP — a stash valued at roughly $61 million at current prices — flowed onto trading platforms. Exchange balances are tracked closely because tokens on trading platforms can generally be moved or sold more quickly than tokens held in private wallets.

XRP has been trading near $1.29, and the $1.26 level has become a key support zone to watch. Should that floor give way, the next level in focus sits at $1.11, which would represent a move of roughly 14% from current levels.

The Supply Backdrop

XRP's total supply is fixed at 100 billion tokens, meaning no new units are minted. As of October 26, 2026, roughly 68.59 billion XRP were in circulation, while about 31.4 billion remained locked in Ripple's on-chain escrow, which releases tokens on a scheduled basis. Because of those scheduled releases, circulating supply rises over time even though the overall cap never changes. With the cap fixed, any shift in the whale share comes from tokens moving between addresses rather than new units entering existence.

Concentration among large holders has historically risen during stretches of market uncertainty. The long-running SEC litigation against Ripple was one such period, when big investors appeared to take a more defensive posture amid volatile trading conditions.

The November 2022 benchmark is telling in its own way. That month was not exactly a high point for crypto sentiment, and whales at the time were also holding an outsized share of the token. The return to that concentration level now indicates that large holders have rebuilt an outsized position while the broader picture remains uncertain.

What It Means for XRP Holders

That context is why the drop in the 10 million to 100 million tier deserves attention. If those holders are trimming positions and the tokens are ending up on exchanges, the result could be additional supply in a market already testing support.

For near-term price action, the $1.26 level stands as the decisive line, with a loss of that floor potentially opening the door to further downside toward $1.11.

Over a longer horizon, changes in Santiment's other two tiers would reveal whether the largest players are adding, holding steady, or quietly heading for the exits. Shifts in the 100 million to 1 billion and 1 billion-plus brackets would be the signal to monitor.

The concentration figure also feeds into a broader debate about decentralization Critics of XRP have long pointed to Ripple's escrow and the token's large holder base as evidence that ownership is top-heavy. A 68.5% whale share — the highest in nearly four years — gives that argument fresh ammunition.