A notable on-chain development occurred ahead of XRP’s sharp surge in August, as blockchain analytics provider Santiment Intelligence identified an early uptick in large XRP wallet creation that preceded the token’s rally.
Major wallet growth ahead of price spike
Santiment data revealed that, just two days before XRP soared by 67% between August 17 and August 21, the XRP Ledger saw the creation of 85 new addresses holding at least 1 million XRP each. This expansion marked a 4.2% increase in large wallets within a single day.
The number of addresses with at least 1 million XRP climbed from about 2,025 to 2,110 during this period, and later reached approximately 2,117. The timing of this change—occurring prior to XRP’s breakout—has drawn attention to the on-chain activity of significant holders during the rally.
During the rally, XRP’s price increased from around $0.98 on August 17 to $1.64 on August 21. At an average price of $1, a single million-XRP wallet represented $1 million in tokens, a threshold pointing to significant capital concentration in these addresses.
| Date | XRP Million+ Wallets | XRP Price (approx.) |
|---|---|---|
| August 17 | 2,025 | $0.98 |
| August 19 | 2,110 | – |
| August 21 | 2,117 | $1.64 |
Santiment clarified that these large addresses do not necessarily each represent a different individual or institutional investor. Exchanges, custodians, and other entities often control multiple wallets, while a single user can distribute their XRP holdings across several addresses. The key metric is thus the growth in the number of large addresses, rather than the number of new millionaire holders.
After the rally: price loss, persistent whales
Following the price rally, XRP surrendered part of its gains in a market correction. However, Santiment’s analysis indicated that the number of addresses holding at least 1 million XRP remained above 2,100, even as the price declined.
The persistence of these large wallets following the correction suggests that, although XRP’s price dropped, the increase in major holders was not fully reversed.
This divergence between price movement and large-address counts could indicate that these significant holders were not aggressively selling off their positions during the pullback, though no definitive accumulation trend is confirmed by this data alone.
Institutional backing and legal clarity
On-chain trends align with broader institutional interest in XRP. US-based exchange-traded products (ETPs) have provided new avenues for investors to gain exposure to XRP, and these products continued to attract capital even as Bitcoin funds saw outflows.
Ripple-supported technology company Evernorth has accumulated about 473 million XRP for its treasury ahead of its planned stock market debut, further strengthening the link between XRP and the traditional financial market.
Ripple Labs, the main developer of XRP, has played a key role in securing legal clarity for the token compared to other digital assets operating in the US. The legal status of XRP now provides a notable advantage for institutional and retail investors as regulatory debate continues in the country.
Mini dictionary: Santiment Intelligence, a blockchain analytics platform that provides real-time insights into crypto network activity, trading behavior, and holder trends on various blockchains, including XRP Ledger and Ethereum.
