XRP’s Divergent Trend: Market Cap Drops 29%, While Wallets Holding 1 Million XRP Increase by 32

According to Santiment data, the cohort of 1M+ XRP wallets on the XRP Ledger has increased by 32 wallets over the last three months, while XRP’s market cap has fallen by 29% during the same period.

The number of addresses holding large amounts of XRP on the XRP Ledger increased during the period when market value declined. Santiment reported that the group of wallets holding at least 1 million XRP expanded by 32 new wallets within three months. This situation can be interpreted as a signal that some large wallet holders are accumulating assets while market pressure continues. However, the increase in question does not provide a guarantee that all of these addresses are definitively buying or that the price will rise.

In the shared data, the rise in the number of wallets and the 29% drop in XRP’s market cap are moving in opposite directions. Santiment states that this divergence suggests that more patient investor behaviors might be emerging instead of panic-driven selling. Growth in the large wallet cohort raises the possibility that stronger “hands” may be counteracting selling pressure during the decline.

Large XRP wallets grew during the decline

Despite XRP’s price performance falling below expectations throughout the summer, RLUSD has grown as a meaningful stablecoin for institutional use. Santiment noted that, alongside the development of RLUSD, Ripple’s payment, custody, and tokenization infrastructure keeps the XRP Ledger tied to use cases related to transaction finality. This structure ensures that the Ledger’s utility is not limited solely to XRP price movements.

The increase in the number of wallets holding millions of XRP is seen as something that could become more noteworthy for investors with bullish expectations regarding future volatility. However, Santiment data alone does not determine XRP’s direction; it must be considered alongside price action and other on-chain metrics.