As XRP price dropped below a crucial psychological support level around $1 for the first time in 2026 this week, on-chain data shows large holders, XRP Ledger (XRPL) wallets with a balance of more than 1 million tokens, have gradually increased and reached a multi-month peak.
The number of XRP’s large holders was at 2,038 at press time, according to data from Santiment that Finbold analyzed on August 12. These million-XRP wallets have increased by 32 over the past three months.
The recent spike in XRPL’s whales to a multi-month peak has coincided with the token’s capitulation below $1 for the first time since November 16, 2024. As such, the conviction rate among deep-pocketed investors has surged, with a likelihood of a reversal pattern happening.
“When million-XRP wallets rise while market cap falls, stronger hands are absorbing panic, patience is replacing simple price-related hype, and future volatility becomes more interesting for bulls,” Santiment noted.
XRP price outlook amid renewed demand from large whales
XRP price has been retesting a breakout from a multi-year symmetrical triangular pattern, as Finbold explained. As a result, the range between $1.05 and $1 was identified as an attractive buying zone, as Finbold reported.
With the recent acceleration in the accumulation of XRP by large holders, this altcoin is well positioned to experience less selling pressure. Furthermore, the token’s derivatives market has been heating up with buyers, as Finbold pointed out.
At the time of publication, the token traded at about $1.01, down 28.62% over the past 6 months. During the last 24 hours, the token’s price increased by 1%, with its trading volume at approximately $1.28 billion.
If the XRPL’s large holders continue to increase amid bullish derivatives traders, the token’s price could end its choppy consolidation with a fresh rally.
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