85 New Millionaire XRP Wallets Emerge Before Price Surge

The number of XRP wallets holding at least $1 million worth of XRP increased significantly just before the coin's price jumped 67% in August. According to analytics platform Santiment, 85 new wallets holding at least 1 million XRP appeared two days before XRP rose sharply between August 17 and August 21.

This suggests that large XRP holders were buying more XRP before the price increase, reducing the available supply for trading and increasing buying pressure. Wallets holding 1 million XRP or more are a small part of the XRP community but can have a significant impact on the market.

Santiment also highlighted growing activity on the XRP Ledger (XRPL) as another positive development for XRP. Ripple's support for an RLUSD credit fund that lends to fintech and payment companies using XRPL is one example of this growth.