XRP's Millionaire Wallets Signal Long-Term Holding Amid Bearish Market

The XRP Ledger has added 32 new millionaires in just three months, despite the broader bearish momentum in the market. According to Santiment's data, these new millionaires are not fresh retail investors, but rather existing XRP holders who have been adding more to their stashes.

During this time, the price of XRP has slumped by 29%, but the activity on the XRP Ledger has increased by 33%. This surge in activity is mainly due to seasoned investors, not new crypto wallet creations. The contrast between the price action and the on-chain signals is significant, as it suggests that XRP is being held up as a long-term investment vehicle.

The technical perspective on XRP's price shows that it has been trading within a falling wedge pattern, but deeper on-chain signals indicate potential volatility ahead. On futures markets, leveraged traders have put up $1.49 billion in trading volume in 24 hours, with bulls getting beaten badly, resulting in $1.77 million in daily liquidations.

The concentration of millionaire wallet figures could be tied to regulatory winnings and successful adoption projections. Ripple has been a heavy backer of the CLARITY Act, which is due in mid-September and aims to establish a gold regulatory standard.