XRP Whales Accumulate 72 Million Coins Amid Price Dip

The XRP price has been hovering around $1 due to recent market fluctuations. However, large holders of XRP are continuing to accumulate the asset, raising questions about whether this correction could be setting up for a future rally.

According to on-chain analyst Ali Martinez, whales bought over 72 million XRP in just 24 hours, treating the current weakness as an opportunity rather than exiting. This accumulation is not limited to one day, with Santiment data showing that wallets holding at least 1 million XRP have increased by 32 over the past three months to around 2,033.

The large holders also added more than 380 million XRP in the week to August 9, taking their combined balances above 8 billion XRP, worth roughly $8.2 billion at current prices. This accumulation is accompanied by increased network activity, with average daily active addresses reaching around 35,700 in August, versus 26,400 in July.

The rise in activity is mainly coming from XRP's existing user base rather than a fresh wave of new participants. Around 81% of Binance XRP withdrawals were also routed to private wallets, another development worth watching as investors assess whether holders are moving coins away from exchanges for longer-term storage.