XRP‘s price recently steadied around the critical $1 mark, despite closing at a level not seen since November 2024. While some market participants perceived this as a possible precursor to further declines, significant whale investors have ramped up their buying activities during this bearish phase. Although these whales are showing trust by accumulating more assets, analysts cautioned that a definitive bottom has yet to materialize, and traders continue to watch for potential drops toward lower support levels.
Who Are The Buyers?
On-chain analyst Ali Martinez reported that whale wallets amassed over 72 million XRP within the past day, capitalizing on a sharp pullback from January 2025’s peak of almost $3.30. This decline of around 69% from the recent high hasn’t deterred large holders from strengthening their portfolios, demonstrating a bullish sentiment even without a clear market floor.
According to the blockchain analytics platform Santiment, the number of wallets holding at least one million XRP has increased by 32 in the last three months. Despite these substantial holdings, XRP’s market capitalization has plunged 29% in the same period.
Where Is The Market Heading?
Data from CryptoQuant indicated that a significant portion of XRP moved from Binance on August 3 headed to large-holder wallets. This pattern reflected in 81% of transactions on Binance, and 72% for other centralized exchanges, highlighting that active collection by major players is still ongoing.
Additionally, Santiment pointed out that daily active addresses on the XRP Ledger saw an average of 35,700 in August, up from 26,400 in July. With a peak on August 11, this activity marked the highest since early June. Meanwhile, the pace of new address creation held steady at around 2,260 daily for the month.
Key observations include:
- The XRP price maintained its position slightly above the $1 level.
- The significant accumulation of 72 million XRP by whale investors without a clear market bottom.
- Stable yet elevated activities on the XRP Ledger, echoed in both address growth and transaction volumes.
- Critical support and resistance levels identified around $0.87 and $1.46-$1.57, respectively.
XRP remains in a watchful phase, trading marginally above the $1 support line as participants look for firmer directions. Whales are accumulating, and transactional activity on the XRP network persists at heightened levels. However, the influx of new participants is relatively static, indicating that a conclusive recovery will require further confirmation.
