The broader crypto market has remained largely directionless, with Bitcoin and major altcoins struggling to establish a clear trend. Amid this consolidation, the XRP price is showing a subtle but important shift beneath the surface. On-chain data now indicates that XRP millionaire wallets are increasing for the first time since September, marking a potential change in large-holder behaviour after months of steady decline.
This development does not yet reflect in price action, but historically, such divergences often precede periods of heightened volatility. The key question now is whether this shift signals early accumulation or merely a temporary pause in a broader downtrend.
On-Chain Data Signals a Shift in Large-Holder Behaviour
According to data from Santiment, the number of XRP wallets holding 1 million tokens or more declined consistently between October and late December 2025. During this period, approximately 384 millionaire wallets exited, coinciding with sustained downside pressure in XRP’s price.
That trend has now reversed. Since early January 2026, at least 42 new millionaire wallets have been added. While this increase is modest compared to the prior distribution phase, the change in direction is what makes the data notable. It marks the first sustained uptick in large-holder addresses in over four months.
Importantly, this accumulation has occurred without a corresponding breakout in price, suggesting the behaviour is driven by positioning rather than momentum chasing.
XRP Price Action Remains Range-Bound
Despite the improvement in on-chain metrics, XRP’s price continues to trade within a tight consolidation range. Attempts to establish higher highs have so far failed, and volume remains subdued compared to prior impulsive moves.
This disconnect between wallet accumulation and price strength highlights a familiar market dynamic: large holders often accumulate quietly during periods of low volatility, while price action lags until demand expands more broadly. At present, XRP shows no signs of a confirmed trend reversal, and the market remains in a wait-and-watch phase.
The above chart shows a small demand zone being formed around the lower support range, which is absorbing the selling pressure. However, the supply zone formed just above this range has kept the price restricted below $2. However, the MACD levels are heading for a bullish crossover, keeping the bullish hopes alive.
A bullish confirmation could happen only when the rally triggers a clean breakout above the current range, around $1.98. This needs to be backed by a sustained volume expansion, which may bring stability across the markets, reducing the downside pressure.
Final Verdict!
The return of XRP millionaire wallets marks a meaningful on-chain shift, suggesting that large holders are beginning to rebuild positions after months of distribution. While this points to medium-term bullish potential, price action has yet to confirm the signal. Until XRP price breaks out with conviction and volume, the accumulation remains a developing setup rather than a confirmed trend.
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