XRP's 67% Rally Preceded by Surge in Large Wallets
The XRP Ledger experienced a significant surge in large wallets just two days before its 67% price increase from $0.98 to $1.64 in mid-August, according to on-chain data from Santiment Intelligence.
The number of addresses holding at least 1 million XRP increased by 85, representing a 4.2% single-day rise and pushing the total count to approximately 2,110. This growth in large wallets is often seen as a precursor to sharp price movements.
Despite the subsequent price correction, the number of addresses holding at least 1 million XRP remained above 2,100, suggesting that these large holders did not fully exit during the pullback.
This development coincides with expanding institutional involvement in the XRP Ledger, including Ripple's RLUSD credit fund, investments in ZILO and Licuido, and continued inflows into U.S. spot XRP ETFs exceeding $43 million in August.