XRP (XRP) now counts a record 8.24 million non-empty wallets on its ledger, according to Santiment. Yet, the token has dropped 17.21% over the past month to $1.31.

Large holders and spot ETF investors, meanwhile, have been sending mixed signals. The price now trades just above a level Santiment treats as a test for the adoption signal.

Holder Growth Meets Whale Deposits and a Small ETF Rebound

Santiment’s data shows the holder count has kept climbing through months of price swings. The latest reading showed 4,772 new wallets in a single day, the fifth-largest spike since March.

XRP Total Holders and Network Growth. Source: X/Santiment

Still, wallet counts track addresses rather than people. One user or exchange can control many of them

Larger holders, meanwhile, have been moving their XRP toward exchanges. They sent $112.4 million worth to Binance, the most in 7 months, according to analyst Darkfost.BeInCrypto reported that the move signals rising selling pressure.

Spot XRP ETFs make up the more positive side of the picture. The funds have taken in $4.25 million so far this week, per SoSoValue data, after a $1.84 million outflow the week before ended 13 straight weeks of inflows.

Even so, this week’s rebound is small compared with September. Over the past four weeks, the funds added $18.5 million, while the week ending September 25 alone brought in $75.6 million.

With cumulative inflows nearly flat, total net assets have followed XRP’s price lower. They fell to $1.49 billion from $1.77 billion on September 25.

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XRP Hovers Just Above the $1.30 Line Santiment Is Watching

XRP’s price has yet to reflect any of that wallet growth. The altcoin now trades at $1.31, down 2.59% over the past day. That leaves it just above $1.30, one of the two levels Santiment is watching.

XRP Price Performance. Source: BeInCrypto Markets

The firm outlined the downside. It said a drop below $1.30 would weaken the adoption signal, particularly if daily new wallets fall under roughly 3,000.

Santiment also set out the upside case in the post.

“$1.40 is the first level to watch. A sustained move above it while network growth stays near or above 4K daily wallets would mean a quick return to $1.50 is more than plausible,” it wrote.

XRP now sits less than 1% above $1.30 and about 7% below $1.40. The next few days of wallet data may show which level gives way first.

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