Ripple’s (XRP) Summer Slump Isn’t Stopping Large Wallets From Growing

XRP’s price has remained under pressure, alongside the choppy price action seen across other major crypto assets. It has struggled throughout the summer, shedding almost 30% since mid-May.

But the slump hasn’t stopped whale wallets from growing.

Biggest Wallets Are Quietly Growing

According to Santiment’s latest 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%. At the same time, Ripple’s stablecoin, RLUSD, has grown into a meaningful institutional stablecoin. The firm’s payments, custody, and tokenization rails also continue to keep the XRP Ledger tied to settlement use cases.

Santiment said that the rising million-XRP wallets alongside a falling market cap indicate stronger holders are absorbing panic, and added,

“Patience is replacing simple price-related hype, and future volatility becomes more interesting for bulls.”

Zooming out, XRP is now in extremely oversold territory. According to Ali Martinez, fresh buy signals are now appearing. Earlier this week, the analyst reported that large investors bought more than 380 million units in seven days, worth nearly $400 million at the time.

… Continue reading the full article at the original source below.