The price of XRP continued to hover around the crucial $1 mark after recording its weakest daily close since November 2024. While some investors viewed this as a potential warning sign, large-scale holders, known as whales, increased their buying activity during the market downturn. However, analysts emphasized that a clear bottom has yet to form as traders monitor for further declines to lower support zones.
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AAPLWhale Accumulation Increases Amid Decline
On-chain analyst Ali Martinez indicated that whale wallets acquired more than 72 million XRP in the past 24 hours, following a significant correction from the January 2025 high of nearly $3.30. The token has declined approximately 69% from its peak, yet whale accumulation suggests growing confidence among large investors, even in the absence of an established price floor.
Within the last 24 hours, whales purchased over 72 million tokens. This activity comes after XRP dropped 69% from its recent peak, highlighting active accumulation without confirmation of a market bottom.
According to blockchain analytics platform Santiment, the number of wallets holding at least 1 million XRP has increased by 32 over the past three months. Despite the rise in substantial balances, XRP’s overall market capitalization fell by 29% during the same period.
Weekly data showed that large holders accumulated over 380 million XRP in the week of August 9, bringing their collective balance above 8 billion XRP. At prevailing prices, this represented approximately $8.2 billion in value.
Network and Exchange Activity
Data from CryptoQuant revealed that, on August 3, roughly 81% of the XRP transferred from Binance was sent to wallets categorized as large holders. For other centralized exchanges, the figure reached 72%, underlining strong ongoing accumulation by major participants.
Santiment also reported that daily active addresses on the XRP Ledger averaged 35,700 in August, compared to 26,400 in July. Activity peaked on August 11, reaching the highest level since early June. Meanwhile, the creation of new addresses stayed steady, with an average of about 2,260 new addresses generated daily in August.
Mini dictionary: CryptoQuant is a blockchain data analytics platform that tracks on-chain metrics, exchange flows, and wallet behaviors to provide insights into cryptocurrency markets.
Technical Structure and Key Levels
Crypto trader Diana charted XRP within a descending technical structure originating from its high of $3.66. Her analysis placed prices between the $1 and $1.004 Fibonacci support levels, with no signs yet of a reversal pattern. The next technical support level is at $0.87, followed by a lower zone between $0.77 and $0.80, which aligns with an ascending trendline.
According to Diana, this lower zone may signal the end of a broader correction if held; however, a breakdown could undermine the potential for a reversal. Any upward move would first need to overcome resistance at $1.46 and $1.57, with higher targets at $1.97 and $2.37 required to reestablish bullish momentum.
| Level | Support/Resistance | Description |
|---|---|---|
| $1.00 | Support | Psychological and current support |
| $0.87 | Support | Next charted technical support |
| $0.77-$0.80 | Support | Lower ascending trendline zone |
| $1.46-$1.57 | Resistance | Initial recovery targets |
| $1.97-$2.37 | Resistance | Higher levels for bullish confirmation |
Currently, the XRP price continues to trade slightly above $1, as traders and analysts await clearer signals of a bottom. Whales have expanded their positions and network activity remains elevated, but the number of new participants has not shown significant change. Confirmation is still needed before any sustained recovery can be confirmed.
