XRP's Big Holders Are Buying the Dip. The Rest of the Market Isn't.
Published on 11/11/2026 at 12:31 | Editorial boerse-global.de
Large XRP wallets added roughly 65.32 million tokens over a four-day stretch, according to data published today by Santiment — a build-up worth close to $72 million at prices prevailing during the period. The accumulation stands in sharp contrast to the money leaving US spot XRP exchange-traded funds, which bled a net $7.62 million yesterday, their second straight session of outflows.
That split screen — whales adding, fund investors subtracting — frames the central question for anyone weighing XRP right now. The wallet data carries weight only if the balances reflect genuine buying rather than internal reshuffling, and Santiment's figures say nothing about who is behind the transfers or what they intend to do with the coins.
Grayscale Shoulders Most of the Exit
Grayscale's GXRP accounted for $7.17 million of yesterday's ETF redemptions, according to media reports citing SoSoValue data. The previous session had already seen $10.4216 million leave the funds, with Bitwise's XRP ETF responsible for $9.3972 million of that total. The retreat, in other words, spans multiple trading days and is not concentrated in a single product.
Fund flows offer a clean read on demand through that particular channel, though they explain only part of the price action. XRP has been under pressure alongside other major cryptocurrencies, and the derivatives market has been unwinding too: a Monday report put the decline in XRP futures open interest at 9.2% over the period examined, a move the coverage tied to capital exiting risk assets during the broader selloff in technology stocks.
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A Long-Held Thesis, Newly Argued
Against that backdrop, 21Shares yesterday made the case that XRP is widely misunderstood, laying out an investment thesis that looks past the recent price weakness. The firm points to the conclusion of the SEC case against Ripple in August 2025, the growth of institutional investment products, and applications for stablecoins and tokenized assets built on the XRP Ledger.
The argument has a condition attached, and it is a demanding one. More activity on the ledger strengthens the case only if it translates into demand for XRP itself. That shifts the focus onto the token's economic role inside those applications rather than the simple count of new projects launching on the network.
21Shares is candid about where XRP belongs in a portfolio: a higher-risk satellite position behind Bitcoin, with historical drawdowns that have at times exceeded 90%. At a current price of $1.05, the firm's thesis faces a testing environment.
One Loud Day on the Ledger
Network data offers a partial test. Payment volume on the XRP Ledger reached 1.16 billion XRP on Monday, a jump of 207.4% in a single day and well above the 580.6 million XRP average. The metric captures the amount of XRP moved in payment transactions.
By yesterday, with the day still incomplete, that volume had already fallen back toward 300 million XRP. A single spike is less telling than sustained usage — particularly usage that comes with fresh demand for the token. The strong start to the week gives observers a reference point; whether it holds will depend on full-day figures in the sessions ahead.
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The same tension applies to institutional access. Redemptions can temporarily overwhelm the broader-investor-base argument 21Shares makes, as long as more capital is leaving than arriving. Monday's roughly $10.42 million in net outflows, with about $9.4 million of it concentrated at Bitwise, illustrates how quickly a single provider can drive the headline number.
What Would Confirm the Case
Two gauges matter from here. The first is whether the accumulation by large holders reflects durable demand rather than a one-off repositioning. The second is whether network usage and capital flows start moving in the same direction. Should higher payment activity continue to collide with redemptions from investment products, the cautious portfolio framing 21Shares emphasizes will remain the more relevant lens. A recovery with broader foundations would need the fund outflows to ease — and the whales to keep buying.
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