XRP Whales Absorb Selling Pressure Amid Market Decline
XRP whales are accumulating during the market downturn, despite a 29% plunge in XRP's market capitalization. According to Santiment data, the number of XRP Ledger wallets holding at least 1 million XRP has increased by 32 over the past three months.
This divergence suggests that large holders have continued to accumulate during the market downturn rather than retreating alongside prices. Santiment pointed to Ripple's RLUSD stablecoin as another fundamental development, noting its growing institutional presence alongside Ripple's payments, custody, and tokenization infrastructure.
The analytics firm said rising million-XRP wallets alongside falling market capitalization suggests stronger hands are absorbing selling pressure, potentially making future volatility more interesting for bulls. XRP network activity has also surged since the beginning of August, with active addresses climbing 84.18% from 23,642 on Aug. 1 to 43,543.