XRP traded near $1.05 on November 11 as the number of wallets holding at least 10,000 tokens continued to rise, according to on-chain data published by Santiment. The analytics firm counted roughly 343,500 qualifying wallets, a tally that has expanded even as the token's price has declined over an extended stretch.
Santiment reported that the count of wallets above the 10,000-token threshold increased by 16,815 over nine months, a gain of 5.15%. Over a separate period, XRP lost approximately 30% of its value across seven weeks. The firm interprets the divergence between rising wallet numbers and a weaker price as possible accumulation by larger holders.
Wallet Growth and Price Move in Opposite Directions
The comparison comes with limits. Santiment's nine-month measurement window cannot identify purchases made during the weeks of the recent decline, so a falling price and an expanding address group can coexist. The totals do not establish when tokens were transferred, nor can they distinguish purchases from internal movements between addresses.
The metric tracks addresses above a balance threshold rather than individual investors. A single holder can control several addresses, and exchanges can hold customer balances in shared accounts. For example, moving 20,000 XRP out of one wallet into two wallets of 10,000 tokens each would raise the qualifying count by one while leaving the combined balance unchanged — a reason wallet growth alone cannot measure net purchases.
At a price of $1.05, the minimum qualifying balance is worth about $10,500, meaning the category spans a broad range of holders rather than institutions alone.
Funding Stays Positive While Open Interest Falls
Derivatives data from Coinglass, dated November 10, showed the XRP funding rate at 0.0095% per eight hours, equivalent to roughly 10.4% annualized. Open interest declined 6.73% over 24 hours to $328.5 million, with a mark price of $1.06. The account breakdown showed 74.4% long positions against 25.6% short positions.
Those percentages measure accounts rather than the value of positions held on each side, so they cannot establish that 74.4% of invested capital supports rising prices. Positive funding means long traders pay short traders, and annualizing the rate assumes it persists; actual payments change as funding rates adjust, and the annualized figure represents a funding cost comparison rather than an investment return.
Dollar-denominated open interest can also fall when the underlying asset loses value, even without an equivalent reduction in contract numbers. Separating closed positions from valuation changes would require contract- or token-denominated figures.
Across the assets covered in the report — Bitcoin, Ether, Solana, Dogecoin and XRP — only Bitcoin recorded higher open interest, rising 0.42% to $7.36 billion. Its funding rate reached 0.0073% per eight hours, or roughly 8% annualized.
The $1 Level Remains in Focus
Santiment identified $1 as the main support level to defend. The firm outlined a potential recovery toward 1.10–1.15 if wallet growth continues, XRP holds support and Bitcoin stabilizes. From $1.05, those levels would imply gains of roughly 4.8% and 9.5%, though whether either is reached depends on subsequent trading.
Santiment said that losing $1 while wallet growth reverses would weaken the accumulation case. It also anticipates a possible bounce after an initial selloff, though its post gave no precise timing.
The combined picture is a market where bullish positioning coexists with reduced reported futures exposure, suggesting remaining long traders face carrying costs while price momentum stays weak. A positive funding rate does not by itself establish that new demand can sustain the price, and the November 10 derivatives readings precede Santiment's November 11 wallet update, limiting direct comparison between the two observations.
