Today, XRP is under heavy pressure, falling about 7.5% and trading below $1.73 after the recent gold price crash. The sharp drop triggered around $72 million in long liquidations for XRP traders.
Despite this drop, on-chain data from Santiment shows that XRP millionaire wallets are rising for the first time since last September, suggesting XRP may be entering a quiet accumulation phase behind the scenes.
XRP Price Plunge Leads to $72 Million in Liquidations
After trading near $1.93 for the past two weeks, XRP dropped below the key $1.80 support level. The sharp move came as broader crypto weakness triggered $1.68 billion in long liquidations across the market, pushing XRP price down to around $1.70 before buyers stepped in.
However, XRP alone recorded about $72 million in liquidations, with nearly 98% coming from long positions. In addition, data from SoSoValue shows that on January 29, XRP ETFs saw an outflow of $92.92 million, the first major outflow this week. Despite this, total XRP ETF inflows since launch now stand at $1.21 billion.
XRP Millionaire Wallets Rise in Early 2026
Despite the overall price drop, the number of wallets holding at least 1 million XRP is rising for the first time since September 2025. Data from Santiment shows a net increase of 42 millionaire wallets returning to the XRP Ledger.
This is important because it follows a long period between October and December 2025, when big holders were steadily selling. During that period, XRP’s price dropped sharply from its high near $3.68 to around $1.88, wiping out nearly 40% of its value over the year.
Now, the return of millionaire whale wallets suggests they see current prices as a good level to accumulate rather than continue selling.
At the same time, risky trading activity has cooled down sharply. CryptoQuant data shows that XRP’s open interest has fallen from over $3.5 billion to below $1 billion, showing traders have exited leveraged positions.
This has reduced pressure and allowed long-term holders to accumulate quietly.
XRP Ledger Remains Active Despite Lower Hype
Even as trading activity slows, the XRP Ledger itself remains active. More than 3,200 new accounts have been created recently, showing that interest in the network has not disappeared.
Earlier, active addresses surged above 100,000 when XRP traded above $3. As prices fell, activity cooled to around 18,000, suggesting that short-term hype has faded while core usage continues.
This stability is also visible in daily transactions, which remain close to two million per day and continue to process smoothly.
XRP Price Stays Flat While Exchange Reserves Drop
Meanwhile, another key signal is forming on exchanges. XRP reserves on Binance have declined to around 2.71 billion XRP.
Despite this, XRP is still trading near $1.90 and remains down about 4% so far this year.
If this trend continues, XRP could attempt a recovery toward the $2.30–$2.50 range. On the downside, a rise in exchange reserves could increase the risk of a drop toward $1.60.
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