XRP Whale Accumulation Strengthens Despite Market Cap Drop

The number of XRP million-token wallets has increased by 32 addresses over the past three months, despite the market cap falling approximately 29% during this time.

Larger holders have been expanding their holdings during periods of price weakness, rather than reducing their exposure as valuations declined. This could potentially support a recovery in XRP's price, provided technical conditions also improve around current levels.

The NVT ratio of XRP has decreased by 4.13% in the last 24 hours and is now at 276.4959 on the chart below. A falling NVT typically means that the network is doing better in terms of transaction volume as compared to the total value of the network, complementing the institutional utility narrative surrounding XRP Ledger.

XRP's price action has delivered a challenge to the increasingly constructive on-chain picture, with sellers pushing the price toward $0.9917, which represents the nearest major support beneath current levels. Defending this level could encourage stabilization and potentially improve prospects for a broader move toward $1.1500.