Recent Big Whales’ Action Stuns XRP Army

XRP is under price pressure. The token sits near $1.277, well below its all-time high of $3.65. Despite that, something significant is happening on-chain.

Crypto commentator X Finance Bull shared data from blockchain analytics firm Santiment confirming that 2,147 wallets now hold at least 1 million XRP tokens.

That is the highest count recorded in 2026, and the highest since December 2025. The count grew by 28 wallets in just 10 days, with 18 of those additions arriving in the final three days of that window.

X Finance Bull stated, “Retail is panicking, but I suspect institutions are positioning.” He also asked his audience directly: “Who do you think owns these wallets?”

BIG $XRP WHALES ARE STACKING! 🚨

Wallets holding at least 1 MILLION XRP just hit 2,147, the highest level of 2026!

28 more in just 10 days, according to Santiment.

Retail is panicking, but I suspect institutions are positioning.

Who do you think owns these wallets? https://t.co/RCVaPyWKsI pic.twitter.com/8rmy5U41Ni

— X Finance Bull (@Xfinancebull) November 4, 2026

Why the Timing Is Significant

The growth in whale wallets is happening while XRP’s price is still stuck at low levels. That divergence is the central signal. Large holders are increasing their positions at a moment when retail sentiment is weak and price action is uninspiring.

Santiment’s data shows the 1M+ wallet count dropped through most of 2025 and 2026 before reversing. The fact that it has now reached a 2026 high during a sustained price decline suggests accumulation rather than speculative buying. When large holders build positions during price weakness, it typically indicates confidence in longer-term value rather than short-term momentum.

The chart also shows that the previous peak in 1M+ wallets, seen around September 2025, coincided with XRP trading near $1.60 to $1.70. The price subsequently fell. Wallets began recovering well before any price recovery followed.

Who Holds These Wallets

X Finance Bull raises a legitimate question about wallet ownership. A wallet holding 1 million XRP at current prices holds approximately $1.28 million. At that threshold, the holder base skews heavily toward institutional investors, funds, and high-net-worth individuals. Retail participants rarely hold positions of that size in a single asset.

Santiment does not break down wallet ownership by entity type, so the question remains open. The growth in the count, however, reflects deliberate accumulation at scale.

What This Means for XRP

The on-chain data and the price action are moving in opposite directions. XRP’s price is falling but its large-holder base is growing. That gap between price performance and holder behavior is what makes this data worth paying attention to.

Retail is selling or staying away. Meanwhile, wallets with over $1.28 million in XRP are multiplying. The asset is changing hands from smaller participants to larger ones. Whether that translates into a price recovery depends on broader market conditions, but the accumulation itself is clear and measurable.