Here’s How Many XRP Wallets Added 1,000,000 XRP After the Recent Dip

Data suggests that while the market panicked during the latest XRP dip, whales holding at least 1 million XRP increased in number.

53 More Wallets Holding 1M+ XRP

For context, XRP saw a major price drop over the weekend, falling from $3.13 on Friday, Jan. 31, to $2.56 by Sunday, Feb. 2. This decline of 17.9% represented a major correction, with the most severe drop of 10.34% occurring on Feb. 2.

This 10.34% crash marked XRP’s largest intraday loss since Dec. 9, 2024, and the largest one so far this year. Despite the panic-driven sell-off, data confirms that large investors took advantage of the lower prices.  

Market analyst Dom observed a notable increase in wallets holding at least 1 million XRP immediately after the crash. On Feb. 3, just one day after XRP’s largest single-day drop since Dec. 9, 2024, 53 new wallets with at least 1 million XRP emerged. 

Let’s also look at wallets holding over 1M $XRP (currently 2.3M USD)

Up only over the last year

See that last spike? Feb 3rd, the day after the sell off…

53 new wallets holding over 1M $XRP added overnight pic.twitter.com/Ik0AE3YMOw

— Dom (@traderview2) February 7, 2025

XRP Wallet Growth Outpaces Ethereum and Bitcoin

Further, the analyst confirmed that the consistent rise in large XRP wallets aligns with a much broader accumulation trend the market has observed throughout the past year. According to the data, unlike in the Bitcoin and Ethereum markets, where wallet growth has been mixed, XRP wallets holding significant amounts have steadily increased.   

Citing CoinMetrics data, Dom revealed that wallets holding at least 100 XRP have been rising at an accelerated pace. Over the last year, the number of these wallets surged from under 1.6 million in March 2024 to over 1.74 million by February 2025, representing an increase of more than 140,000.  

However, Bitcoin wallets tell a different story. Addresses holding more than 0.001 BTC declined over the past year, dropping from over 24.6 million in March 2024 to below 23.9 million today. Meanwhile, Ethereum wallets holding at least 0.1 ETH have grown more slowly, increasing from under 5.16 million to nearly 5.22 million in the same period.  

Wallets holding greater than 0.001 $BTC over the last year (1st pic)

Wallets holding greater than 0.1 $ETH over the last year (2nd pic) pic.twitter.com/eXGKhk7grt

— Dom (@traderview2) February 7, 2025

Another major difference is that XRP wallet growth has remained consistent, while Ethereum wallet growth has been irregular. Notably, wallets holding at least 0.1 ETH saw a peak above 5.28 million in November 2024 before dipping below 5.2 million earlier this year and are now recovering.

For context, this shows that XRP investors have been steadily accumulating, while Ethereum holders have been more reactive to market fluctuations. Dom stressed that this pattern of steady growth is also evident with wallets holding at least 1 million XRP.

Order Book Analysis Suggests Potential Bounce  

Beyond wallet growth, XRP’s order book data reveals interesting dynamics. Dom noted that within a 10% price range, XRP recently displayed a bid skew exceeding 10 million tokens on Coinbase. This means there were significantly more buy orders than sell orders within this price range, indicating strong demand.

$XRP orderbook analysis

Within 10% of price, XRP just flashed over a 10M bid skew on Coinbase

We’ve seen this 5 times over the last 2 months (white boxes)

Each time it’s produced at minimum a 23% bounce pic.twitter.com/PKRFv8fnpB

— Dom (@traderview2) February 7, 2025

This pattern has appeared five times in the past two months, and each instance has resulted in at least a 23% price bounce. If history repeats, XRP could surge to about $2.85 from its current level of $2.32. However, Dom stressed that while buy pressure is evident, short-term price movements remain subject to broader market conditions.