On-chain data from Santiment, dated July 22, 2026, shows wallets holding between 100,000 and 100 million XRP collectively increased their positions by 2.8% over the preceding five weeks. Meanwhile, micro wallets holding less than 0.01 XRP reduced their balances by 5.2% during the same period.

What the whale activity looks like up close

Since January 2026, a net 42 new “millionaire” wallets, those holding at least 1 million XRP, have appeared on the ledger. XRP’s price sat above $1.16 following this accumulation window.

The 5.2% decline in micro wallet holdings could reflect several dynamics. Some small holders may be consolidating into larger wallets, which would overstate the apparent exodus. Others may genuinely be rotating out of XRP into other assets.

ETF inflows and institutional momentum

On July 21, XRP spot ETFs recorded inflows of approximately $5.09 million. On the regulatory front, Ripple CEO has publicly urged the passage of the CLARITY Act, a piece of legislation aimed at providing clearer guidelines for digital assets.

Network upgrades could change the calculus

XRP Ledger validators are expected to vote on upgrades that would introduce batch transactions and confidential transfer capabilities. Batch transactions would allow multiple operations to be processed in a single ledger entry, improving throughput and reducing costs. Confidential transfers would add a privacy layer that enterprise users, particularly in payments and trade finance, have long requested.

What this means for investors

Investors watching XRP should focus on two metrics in the coming weeks: whether whale wallets continue expanding or begin distributing, and whether ETF inflows sustain above recent levels. If both trends hold, XRP’s current price above $1.16 could serve as a base rather than a ceiling.