XRP Whales Accumulate Despite Weak Prices

Large cryptocurrency holders, often referred to as whales, have significantly increased their holdings of XRP in recent weeks despite the token's price sliding to its weakest levels in nearly two years, according to multiple on-chain data analyses. The accumulation activity stands in contrast to broader market weakness and a decline in the movement of XRP to exchanges from these major investors.

Data compiled by market analytics firms indicates a pronounced buying pattern. On-chain analyst Ali Martinez reported that whales purchased more than 72 million XRP within a single 24-hour period around August 13. This was part of a larger trend, with addresses holding at least 1 million XRP adding over 380 million tokens during the week ending August 9. Consequently, the total holdings of these large wallets have surpassed 8 billion XRP, valued at approximately $8.2 billion at prevailing prices. The number of such millionaire wallets has also grown by 32 over the past three months, reaching about 2,033.

This accumulation has occurred while XRP's price hovered near the $1.00 mark, recording its most bearish daily close since November 2024. The token remains down roughly 69% from its peak...