XRP whale wallets smash 12-year record as institutional demand surges

The XRP Ledger (XRPL) is witnessing unprecedented interest from deep-pocketed investors, with the number of XRP whale wallets reaching a historic peak. On-chain data reveals a surge in large-scale holdings, network activity, and institutional adoption, painting a bullish picture for the embattled cryptocurrency.

XRP whale wallets hit all-time high

A staggering 2,700+ wallets now hold at least 1 million XRP (worth ~$2.25 million each), according to Santiment. This marks the highest count of XRP whale wallets since the asset’s inception, eclipsing previous peaks during the 2017-2018 bull run.

The milestone coincides with:

• A 700% spike in daily active addresses (295,000 vs. 35,000–40,000 in Q2 2024)

• $11.8 million in weekly inflows after three weeks of outflows (BeInCrypto)

• Canada’s first XRP ETF launching June 18 (Purpose Investments)

Analysts attribute the XRP whale wallets boom to growing institutional interest.

“We’re seeing corporations and funds position XRP as a strategic reserve asset,” said Fabian Dori of Sygnum Bank.

Institutional adoption fuels the fire

The XRP whale wallets’ surge aligns with major ecosystem developments:

1. Cardano integration
   Charles Hoskinson confirmed ADA’s Lace wallet will add XRP support, potentially unlocking DeFi opportunities tied to Ripple’s RLUSD stablecoin.

2. Corporate treasuries pivot to XRP
   Publicly traded firms like Worksport and VivoPower now hold XRP in their reserves—a trend mirroring MicroStrategy’s Bitcoin strategy.

3. Regulatory clarity pays off
   With the SEC case resolved, institutional players are diving in. The CME’s XRP futures launch and potential spot ETF filings signal Wall Street’s appetite.

Challenges remain despite whale dominance

While XRP whale wallets dominate holdings, the network faces hurdles:

• DeFi stagnation: Just $60M TVL on XRPL—far below Ethereum ($50B+) or Solana ($4B+)

• Weak DEX volume: Sub-$100,000 daily trading activity (DeFiLlama)

• Retail skepticism: Social sentiment remains mixed despite price gains

The road ahead: Can XRP sustain the momentum?

The explosion in XRP whale wallets suggests big money is betting on a breakout. Key catalysts to watch:

• ETF approvals beyond Canada

• Ripple’s RLUSD stablecoin adoption

• Expansion of XRPL’s DeFi ecosystem

As one trader noted:

“When whales accumulate at record levels, retail usually follows.”

With XRP whale wallets at an ATH, the stage may be set for a major move.