XRP Surge Preceded by Large Wallet Activity: 85 New Million-XRP Addresses in Two Days

XRP surged 67% between August 17 and 21, with on-chain analytics platform Santiment revealing that 85 new wallets holding over 1 million XRP each appeared just two days prior. The data suggests potential accumulation by large holders, as these wallets collectively control significant supply despite representing a small portion of the total XRP community.

Santiment noted increased activity on the XRP Ledger (XRPL), highlighting it as a positive signal. Ripple's support for RLUSD credit funds backing fintech and payment companies using XRPL was cited as part of broader network adoption. Additionally, Ripple's investments in ZILO and Licuido are expanding XRPL's use cases into tokenization, asset transfers, and financial services.

However, Santiment cautioned that such developments do not guarantee immediate price increases, as market trends and resistance levels continue to influence XRP's price. Analyst Cash noted XRP has fallen below a key 0.5 Fibonacci level, rendering previous bullish targets of $1.78 obsolete, with the next critical level at $1.65 for recovery.