Large XRP holders continued accumulating the token as its price slipped below $1 for the first time since November 2024, according to on-chain data from Santiment.

The number of wallets holding at least 1 million XRP has risen over the past three months, increasing by 32 addresses to reach a total of 2,038. This cohort reportedly added more than 380 million XRP during the previous week alone.

The accumulation unfolded while XRP remained under sustained selling pressure, a divergence that has reignited debate over whether larger holders are positioning for a potential rebound. Such divergences—where large-address holdings expand even as retail selling intensifies—are closely tracked in cryptocurrency markets as potential sentiment indicators, though on-chain metrics alone do not reliably predict price reversals.

Whale Accumulation During Market Sell-Off

Santiment analysts characterized the expansion of XRP whale wallets—coinciding with a 29% decline in the token's market capitalization—as an encouraging signal. They suggested that what they described as stronger hands are absorbing the panic selling driving the broader XRP sell-off.

The token has been in a downward trend since reaching a peak of $3 in August 2025. The decline has intensified in 2026, with XRP losing 44% of its value year to date. Earlier on the day of reporting, XRP fell to $0.99, its first breach of the $1 threshold since November 2024. The token subsequently recovered to trade around $1.02. XRP spent extended periods trading below $1 between 2022 and late 2024, a timeframe during which the SEC's litigation against Ripple over whether XRP constituted an unregistered security remained unresolved.

Santiment analysts indicated that the growth in large holders suggests patience is replacing price-driven speculation. This perspective aligns with that of crypto analyst Ali Martinez, who stated days earlier that XRP appeared positioned for a bull run. Martinez noted that whales are positioning for potential price movement and identified $1.06 as a key resistance level.

RLUSD Adoption Grows Alongside XRPL Upgrades

While XRP has struggled, other segments of the Ripple ecosystem have shown growth. Ripple's stablecoin, RLUSD, is gaining traction as an institutional stablecoin and has been listed by New York regulators among approved stablecoins. RLUSD entered a market long dominated by Tether's USDT and Circle's USDC, which together account for the majority of global stablecoin circulating supply.

Against a broader decline in overall stablecoin supply, RLUSD supply increased by nearly 1% over the past month, reaching $1.55 billion. Although down from its peak of $1.9 billion, RLUSD remains one of the few USD-pegged stablecoins exhibiting growth during this period.

The XRP Ledger (XRPL) is also seeing expanded use cases as Ripple advances initiatives in payments, custody, and tokenization. XRPL is positioned to serve as the underlying infrastructure for these developments. Ripple is backing a proposed upgrade that would introduce institutional lending at the protocol level, enabling lenders and borrowers to transact directly on-chain without intermediaries—a capability already available on competing blockchains that host major lending protocols. The upgrade requires sufficient validator support to pass consensus and launch on the XRPL mainnet. Separately, XRPL version 3.3.0 was recently released.

Price Outlook Hinges on Confirmation

The latest data presents a mixed picture for XRP. Whale addresses are increasing, and Santiment's figures indicate that large holders have been adding to their positions during market weakness. RLUSD continues to expand under New York regulatory oversight.

At the same time, XRP remains near the psychologically significant $1 level. A recovery above $1.06 would improve the token's near-term technical structure, while sustained weakness below $1 would preserve the broader downtrend. The growing whale cohort offers evidence of accumulation, though it does not by itself confirm that XRP has reached a bottom.