"XRP Ledger, number of whale and shark wallets down 20% over the past 8 weeks… holdings at seven-year high"

Large holder wallets on the XRP Ledger (XRPL) have rapidly decreased. Meanwhile, the cumulative holdings of the remaining top wallet group rose to a seven-year high, suggesting the supply structure is being reorganized.

On the 2nd, on-chain analytics firm Santiment said that over the past 8 weeks the number of whale and shark wallets holding more than 100 million XRP on the XRPL decreased by 20.6%. About 569 wallets disappeared during that period, showing the fastest contraction in recent years.

By contrast, the total holdings of the remaining large holder wallets increased to about 48 billion XRP, marking the highest level in seven years since the end of 2018. Santiment explained, 'It appears that the top address cohort is absorbing the entire sell volume.'

The media reported, 'On-chain, mid-sized wallet addresses (1 million–10 million XRP) are estimated to have sold more than 2.2 billion XRP last month,' and added, 'there are indications that some institutional demand has flowed in following the listing of a spot XRP ETF in the United States.'