XRP’s price has remained under pressure, alongside the choppy price action seen across other major crypto assets. It has struggled throughout the summer, shedding almost 30% since mid-May.

But the slump hasn’t stopped whale wallets from growing.

Biggest Wallets Are Quietly Growing

According to Santiment’s latest analysis, the number of wallets holding at least 1 million XRP has increased by 32 over the past three months, while the market cap has declined by 29%. At the same time, Ripple’s stablecoin, RLUSD, has grown into a meaningful institutional stablecoin. The firm’s payments, custody, and tokenization rails also continue to keep the XRP Ledger tied to settlement use cases.

Santiment said that the rising million-XRP wallets alongside a falling market cap indicate stronger holders are absorbing panic, and added,

“Patience is replacing simple price-related hype, and future volatility becomes more interesting for bulls.”

Zooming out, XRP is now in extremely oversold territory. According to Ali Martinez, fresh buy signals are now appearing. Earlier this week, the analyst reported that large investors bought more than 380 million units in seven days, worth nearly $400 million at the time.

Such accumulation could reduce the supply available on the market and support prices if demand holds steady or rises. It could also attract smaller investors. The monthly TD Sequential also flashed a buy signal. Similar setups had previously preceded major price increases.

Meanwhile, market watcher CR87 said XRP is at a “critical level.” The price risks falling toward the $0.50-$0.60 range if $1.03 fails. For bulls, on the other hand, reclaiming $1.47 would be the first sign of strength. Along similar lines, X user Diana also predicted more downside if the token breaks below the $1 level. The downside target in that scenario is $0.86. However, a strong reaction around $1, followed by a move back above $1.036, could weaken the bearish outlook.

A Sharp ETF Slowdown

On the institutional front, US-based spot XRP ETFs attracted a total of $1.17 billion between November and December 2025. However, that momentum has weakened in recent months. The products drew just $15.59 million in January. In the following month, the figure nearly quadrupled to $58.09 million. March then saw the first monthly outflow of $31.16 million.

Performance remained mixed from April to July 2026. The funds brought in $81.6 million in April and $132 million in May after the CLARITY Act cleared the Senate Banking Committee. That slowed to $59.46 million in June and $27.29 million in July. So far in August, they have attracted just $1 million.

Source: CryptoPotato