That is the group’s highest recorded share since November 2022, even as XRP remains near $1. 30 and below the level needed to establish a stronger recovery. The concentration has revived an accumulation narrative, but the wallet data does not by itself prove that individual investors made fresh purchases.
Blockchain addresses are not equivalent to individual owners. An exchange or custodial wallet may hold XRP for many customers, while transfers between custodians, consolidation into cold storage and changes in balance categories can all alter the distribution measure without representing a new investment decision. The number of addresses holding between 10 million and 100 million XRP also fell from 351 to 339 even as the broader group’s combined share rose, showing why address counts and aggregate balances can move in different directions.
Exchange-linked transfers provide additional context but do not settle the question. About 5. 3 billion XRP moved out of wallets identified with exchanges during a 30-day period. Those movements may represent transfers to private wallets or another custodian, and they do not establish that holders bought more XRP or sold less.
That mechanism means the amount potentially available to the market can change independently of balances held by large wallet addresses.
The clearest reading is consequently mixed. Large-address concentration is elevated and exchange outflows show substantial movement away from identified trading wallets, but custody changes can produce both signals without confirming new demand. Whether the positioning reflects accumulation by identifiable investors remains dependent on how the addresses are controlled, where the tokens move next and whether market buying carries XRP above the stated resistance levels.