On-chain data from Santiment shows a measurable divergence in XRP holder behavior over five weeks ending July 23, 2026: wallets holding between 100,000 and 100 million XRP added 2.8% more coins to their balances while the smallest wallets shed 5.2% of their holdings over the same period, according to CoinDesk. XRP rose more than 8% during this window, recovering from $1 to $1.16.

The Divergence in Detail

According to CoinDesk's July 23 report citing Santiment on-chain data, the whale accumulation coincided with XRP rebounding from approximately $1 at the end of June to $1.16. The 2.8% increase in wallet balances for the 100,000–100,000,000 XRP range represents a sustained accumulation by large holders, not a single-day event.

At the same time, the smallest wallets on the network sold into the recovery. According to CoinDesk's reporting on the Santiment data, those micro-wallets shed 5.2% of their holdings over the same five-week period. This capitulation by smaller holders is what Santiment characterizes as the "divergence" pattern.

Santiment's Historical Context

According to CoinDesk, Santiment stated on X: "Historically, XRP price has tended to move more with key stakeholders and against the smallest retail wallets, so this split supports the bullish case behind the bounce."

The framing reflects a well-documented dynamic in on-chain analysis: when large holders accumulate during periods of retail capitulation, subsequent price behavior has tended to favor the large holders. This is not a guaranteed outcome — it is a historically observed pattern as described by Santiment, and should be read as a data signal, not a price prediction.

Fundamental Context Santiment Cited

According to CoinDesk's reporting, Santiment noted that the accumulation timing aligns with several positive developments for XRP, including improved institutional access through ETF products and continued utility on the XRP Ledger for payments, tokenization, and the RLUSD stablecoin. The firm described these as factors likely reinforcing confidence among sophisticated investors even as casual holders stepped back.

For XRP ETF custody data in real time, see XRPLAnalytics. For on-chain network activity including daily active users and payment volume, see our companion coverage of XRPL active users in July 2026 and XRPL daily payments recovery above 508,000.

Reading the Signal

The whale-retail divergence is most useful as a sentiment gauge rather than a price predictor. What it confirms is that large XRP holders — wallets with meaningful position sizes — were adding to holdings at prices between $1 and $1.16, while smaller wallets used the recovery to reduce exposure. According to Santiment as cited by CoinDesk, this configuration has historically preceded further price appreciation. Whether the current cycle follows that pattern depends on factors beyond on-chain accumulation, including macro conditions, ETF flows, and regulatory developments.