XRP whales now control their largest token supply since 2018, but the price has not followed with a strong breakout. On-chain data shows that wallets holding at least 10 million XRP now hold 45.83 billion tokens.
The supply is worth about $68.5 billion, based on recent market levels. However, XRP traded near $1.42 after falling 3.54% in 24 hours, as wider market pressure kept risk assets under stress.
Santiment data shows that large XRP wallets now control 68.5% of the token’s supply. The analytics firm said this is the highest balance held by this group since May 2018.
“XRP is teasing a $1.50 market value, and whale wallets are leading the charge,” Santiment wrote on X. The firm added that wallets with at least 10 million XRP now hold 45.83 billion tokens.
The rise in whale holdings points to steady accumulation by large investors. However, the price has stayed in a tight range instead of moving higher with the data.
XRP has traded mostly between $1.30 and $1.60 since the start of the second quarter. The $1.50 area remains a key level because recent rallies have struggled near that zone.
Spot XRP ETF demand has cooled in 2026 after a stronger start in late 2025. US-based Spot XRP ETFs held about $1.39 billion in assets at press time.
That amount remains small compared with the $68.5 billion held by large wallets. Still, ETF flows have moved closely with short-term XRP price action in recent months.
Whale accumulation rose faster after spot XRP ETFs launched in November 2025. However, ETF demand slowed during the holiday period and stayed flat into 2026. As a result, whale-held supply has also stayed near 68% for several months. This slower demand has kept XRP from building enough strength above $1.50.
Deribit options data showed traders pricing only a 2% chance that XRP could move above $2 before the end of May. That shows low near-term demand for a strong upside move.
The weak options outlook comes even as large holders keep high balances. Therefore, the market is not treating whale accumulation alone as enough to trigger a rally.
Broader altcoin demand has also remained weak. Bitcoin has continued to draw most liquidity, while many altcoins have moved sideways or lower.
This trend has limited XRP’s ability to attract fresh retail demand. Without stronger ETF inflows or higher retail activity the current price range may remain in place.
XRP also faced pressure from a wider crypto market selloff. Rising US Treasury yields and renewed inflation concerns pushed investors away from risk assets. Bitcoin also moved lower during the same period which showed that XRP’s decline was not only token-specific. The market reaction followed a broader risk-off move.
XRP briefly gained attention after the CLARITY Act advanced through committee. However, the token later pulled back as traders took profits near resistance. The $1.39 to $1.43 support zone is now a key area for short-term price action. A break below that range could open a move toward $1.35.
However, a move back above $1.50 would show renewed strength. For now, whale demand remains strong, but slower ETF flows, weak retail activity, and macro pressure continue to limit XRP’s breakout.
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