Key highights
- Addresses holding at least 10M XRP now control 46.87 billion tokens (68.5% of total supply), marking their highest concentration since November 2022.
- Open interest across futures and options has dropped 20.5% from its late-September peak of $3.66B down to $2.91B.
- The XRP price seeks support from $1.26 as buyers continue to develop a bullish reversal pattern called an inverted head and shoulders
XRP, the native cryptocurrency of the XRP Ledger, records a slight downtick of 0.7% during Tuesday’s Asian market hours to trade at $1.29. Despite the pullback, on-chain data suggests whales’ conviction remains strong and is rising toward XRP. With the derivatives market displaying no significant demand, this projects a classic example of smart money accumulation while retail traders wait for a clear signal of momentum.
XRP Mega-Wallets Now Control 68% of Supply
In a recent tweet, on-chain analytics platform Santiment highlights that XRP wallets holding more than 10M XRP now control 46.87B tokens. This represents roughly 68.5% of the XRP supply in circulation— and the highest percentage this cohort has held since late 2022.
Despite the prolonged consolidation of XRP price, the continued increase in large wallet balances highlights their confidence in the future value of this asset. “Large stakeholders accumulating through weakness suggests conviction remains strong beneath the price action, creating a more bullish setup if smaller traders continue capitulating”. Santiment added
Their analysis also highlights $1.3 as the immediate pivot level for short-term stability of XRP price, while a move above $1.50 would provide proof of more structural strength. Positioning above $1.20 keeps the accumulation process going, whereas a convincing push above $1.50 coupled with continued wallet growth would open up additional avenues for a robust market recovery.
However, the picture is different with derivatives positioning. Futures and options data from Coinglass shows open interest retreated by $750 million—a 20.5% drop—falling from a late-September peak of $3.66 billion down to $2.91 billion.
Contract commitments have been trending sideways since the start of 2026 around the $2.75 billion range. The extended contraction is a sign of caution among leverage traders.
The diverging metrics point to a market with a spot-driven accumulation instead of a momentum market. As big players continue to hoard supply, leverage players are staying on the sidelines, and the short-term trend depends on whether there is enough demand to push past key resistance
XRP Price Defends Multi-Month Support for Bullish Reversal Pattern.
Over the past two months, the XRP price has been consolidating with a narrow range from $1.6 to $1.26. The coin price has tested either side of this range at least twice, indicating no clear dominance from buyers or sellers.
Currently, the XRP price trades at $1.3, following an intraday drop of 0.7%. The downtick could allow buyers to retest the bottom support and check its sustainability for the next rebound.
Interestingly, the above support acts as part of a bullish continuation pattern called an inverted head and shoulders. As shown in the chart below, the pattern highlights three troughs with price rejection, indicating the intact demand at the bottom level.
If the buyers continue to defend this $1.26 support, the XRP price could recoup bullish momentum for a potential 24% rebound and challenge the key neckline resistance of $1.6.
An upside breakout from this resistance releases the Ripple cryptocurrency from this multi-month accumulation and chase target above $2.
The current flatish trendline in exponential moving averages (EMAs), 20, 50, 100, and 200, suggests the broader market sentiment remains neutral.
On the contrary note, if the sellers pull the asset below the $1.26 support, the bullish thesis would be invalidated, and the XRP price could extend sideways for a prolonged period.
