Karla Barker 
Whale accumulation returns to XRP ledger
XRP traded around $1.91 during Wednesday’s U.S. market hours, showing relatively low volatility. The daily chart formed a neutral candle pattern as investor sentiment remained mixed following the Federal Reserve’s decision to keep interest rates unchanged.
What’s interesting, though, is that despite this market uncertainty, the number of XRP millionaire wallets has started rising again. According to Santiment data, addresses holding 1 million or more XRP tokens have seen a net gain of 42 since January 1st, 2026. This marks the first period of growth in this segment after a prolonged decline that started back in September 2025.
I think this shift is worth noting because it contrasts with the contraction we saw in the last quarter of 2025. From early October through late December last year, the number of these large holders dropped by 784, falling from a peak near 2,785 to about 2,000. The recent additions have pushed the count back above 2,016, suggesting some renewed interest from larger-scale holders.
Futures market shows renewed activity
While the spot price action has been relatively quiet, the derivatives market tells a different story. Open interest linked to XRP futures contracts has seen an uptick despite the broader market uncertainty. Coinglass data shows OI bounced from $3.26 billion to $3.46 billion over the last 48 hours.
This increase in open interest reflects renewed activity among derivative traders who might be positioning themselves for potential moves ahead. The direction isn’t clear yet, but sustained growth in this metric could add speculative pressure to the price.
At press time, XRP trades at $1.90, showing a minor loss of 0.19%. The lack of strong buying pressure today might be attributed to investors waiting on the sidelines after the Fed’s announcement. The FOMC held the federal funds rate steady at 3.5-3.75% on January 28th, with Chair Powell describing it as a “neutral range” likely to persist.
Technical outlook remains cautious
Over the past three weeks, XRP has experienced a V-top reversal from the $2.4 resistance level down to the current trading price around $1.9. That represents about a 21% decline.
This pullback has initiated what appears to be a fresh bear cycle within a falling channel pattern on the daily timeframe. Since July 2025, the price has been moving between the pattern’s parallel trendlines, which act as dynamic resistance and support levels.
Given this pattern’s influence, XRP seems poised to test the multi-month support around $1.78 in the coming weeks. The ADX momentum indicator sits at 25%, suggesting sellers have sufficient momentum to drive a prolonged correction. A breakdown below this $1.78 level could accelerate selling pressure and potentially push XRP another 12% lower to test key support at $1.57.
On the other hand, if buyers manage to defend the $1.78 support in the coming weeks, the price might consolidate below that level and the pattern’s resistance line. The millionaire wallet growth provides some counterbalance to the technical bearishness, but whether that translates into price support remains to be seen.
Network operations continue steadily, and perhaps the renewed interest from larger holders indicates some confidence in the underlying fundamentals despite the current price action. Still, the technical picture suggests caution might be warranted in the near term.