XRP has been under significant pressure, shedding nearly 30% since mid-May and suffering a 29% decline in market capitalization over three months. Despite this slump, on-chain data from Santiment reveals that large wallets have been quietly expanding. The number of addresses holding at least 1 million XRP increased by 32 during the same period, reaching approximately 2,018 wallets.
Santiment interprets this divergence as a sign that conviction among larger holders is strengthening, with “patience replacing simple price-related hype.” The firm noted that rising million-XRP wallets alongside a falling market cap often indicates stronger holders absorbing panic, making future volatility “more interesting for bulls.”
Adding to the bullish narrative, Ripple’s stablecoin RLUSD has grown into a meaningful institutional asset. As of July 23, RLUSD had about $1.595 billion in circulation against roughly $1.704 billion in reserves. It is positioned for payments, tokenization, and collateral management across both the XRP Ledger and Ethereum, connecting XRPL with institutional settlement use cases.
Technical signals further support the accumulation theme. Analyst Ali Martinez reported that large investors bought more than 380 million XRP in a single week—worth roughly $400 million—and a monthly TD Sequential buy signal has flashed. Historically, similar setups preceded major price rallies. However, caution remains: market watchers warn that XRP is at a critical level. A break below $1.03 could see it fall toward the $0.50–$0.60 range, while reclaiming $1.47 would indicate renewed strength. Another analyst set a downside target of $0.86 if the $1 support fails.
US spot XRP ETFs, which attracted over $1.17 billion in their first two months, have experienced a sharp slowdown. Inflows dropped to just $15.59 million in January, recovered somewhat, but March saw the first monthly outflow of $31.16 million. After a temporary boost from the CLARITY Act, flows dwindled to $27.29 million in July and only $1 million so far in August.
While wallet-count growth suggests accumulation, it is not definitive proof. One investor may control multiple addresses, and exchanges can redistribute holdings. Broader on-chain metrics—such as total whale balances, exchange reserves, and large transfers—are needed to confirm sustained accumulation.
