XRP's Summer Slump Can't Stop Large Wallets From Growing

Ripple's XRP has had a tough summer, shedding nearly 30% of its value since mid-May. However, despite this slump, large wallets are growing in number.

According to Santiment's analysis, the number of wallets holding at least 1 million XRP has increased by 32 over the past three months, while the market cap has declined by 29%. This indicates that stronger holders are absorbing panic and replacing price-related hype with patience. Ali Martinez noted that large investors bought more than 380 million units in seven days, worth nearly $400 million at the time.

This accumulation could reduce the supply available on the market and support prices if demand holds steady or rises. The monthly TD Sequential also flashed a buy signal, which has previously preceded major price increases. However, CR87 warned that XRP is at a 'critical level' and risks falling toward the $0.50-$0.60 range if $1.03 fails.