A strange phenomenon has recently emerged with XRP: the number of large wallets is decreasing, but the amount of XRP they hold is actually increasing.

In the past two months, the number of accounts holding over 100 million XRP has dropped by 569, a decrease of 20.6%, which is rare even in historical terms. But what’s even more astonishing is that the total amount held by the remaining whales has soared to 48 billion XRP, reaching a new seven-year high.

What does this mean? The tokens are concentrating in the hands of a smaller group at an accelerating pace.

**The Data Speaks**

Three months ago, when XRP surged to $2.85, there were over 2,000 wallets with more than 100 million tokens, but together they held just 47.7 billion XRP. During the bull run in July this year, the price touched $3.65, and the number of whale wallets even surpassed 2,700—but at that time, the holdings were more dispersed, far less concentrated than now.

Looking at the mid-tier: In November, a group of medium players holding 1 million to 10 million XRP collectively sold off over 2.2 billion XRP, cashing out nearly $4.1 billion at then-current prices.

**ETF Mania Heats Things Up**

After the first US spot XRP ETFs went live (led by Canary Capital), institutional funds started pouring in. Currently, ETF giants like Franklin Templeton, Bitwise, and Grayscale have collectively attracted $756 million.

This explains why the number of wallets is decreasing while the amount held is soaring: institutions are buying up with real cash, and tokens from retail and mid-level holders are being absorbed on a large scale.

**On-Chain Activity Surges, Exchanges Bleed XRP**

In the last week of November, the XRP ledger processed over 40,000 account configuration transactions—permission adjustments, AMM settings, and other technical operations surged, clearly indicating institutions are prepping systems for the incoming ETF-driven capital.

Meanwhile, a major exchange’s XRP reserves have been declining for almost two months straight. Since October, about 300 million XRP have left the platform, with current reserves down to 2.7 billion XRP—the lowest since July last year.

**What About the Price? Short-Term Weakness**

In the past 30 days, XRP has dropped from around $2.50 to nearly $2.00, down about 9% this week. In the short term, the $2.27–$2.58 range is proving tough to break, and whether it can be surpassed depends on the strength of future buying interest.

In summary: XRP is undergoing a “power shift”—retail is exiting, institutions are taking over, and token concentration is reaching new heights. Where things go from here depends on how these new big players decide to play the game.