XRP is facing heavy selling pressure, but the latest XRP Rich List data shows that the number of wallets holding at least 1 million XRP has continued to increase.
Over the past three months, the number of XRP wallets holding at least 1 million tokens rose by 32, from roughly 2,006 to 2,038, according to data cited from Santiment. The increase came as XRP’s market capitalization fell by about 29%.
The data creates a contrast between XRP’s price performance and the behavior of its largest wallets. However, the rise in wallet count does not prove that 32 individual investors bought millions of XRP. A single investor can control multiple wallets, while exchanges, institutions and custodians can operate multiple addresses.
XRP Rich List Shows Growth in Million-XRP Wallets
The XRP Rich List tracks addresses based on their XRP holdings and provides a view of how the distribution of large balances is changing. The latest data shows that addresses holding at least 1 million XRP increased from about 2,006 to 2,038 over three months.
At around $1 per XRP, 1 million XRP represents roughly $1 million in value. That puts these addresses among the largest XRP holders by balance. However, the XRP Rich List cannot determine whether the increase came from new investors, existing holders adding to their balances, internal transfers or changes in custody arrangements.
Exchange wallets and institutional custodians can also control multiple addresses, meaning the number of wallets should not be treated as a direct count of individual investors.
XRP Falls More Than 70% From 2025 High
XRP reached a record high of about $3.66 in July 2025. By August 2026, the token had fallen more than 70% from that level. On August 11, XRP briefly dropped below $1, reaching about $0.99 before recovering. At the time of the recording on August 16, XRP was still trading around the $1 level.
The decline has weakened market sentiment, but the growth in million-XRP wallets suggests that large addresses have not broadly disappeared from the market. That does not mean XRP has found a bottom or that these wallets are guaranteed to be profitable. The data only shows that more addresses have crossed the 1 million XRP threshold.
XRP Ledger Activity Remains Strong
The XRP Ledger reportedly processed more than 2.8 million transactions on August 5. That was about 86% higher than the previous week and more than 81% above its 30-day average. Active accounts were also reported to have increased by more than 5% over the previous month.
The figures show that network activity does not necessarily move in line with XRP’s price. The token can lose value while activity on the underlying network increases.For XRP holders, continued transaction activity provides a separate metric to watch alongside price and wallet distribution.
Why Are Million-XRP Wallets Increasing?
There are several possible explanations for the increase shown by the XRP Rich List.
Some investors may believe XRP is undervalued following its large decline. Others could be consolidating holdings into fewer addresses or changing how their assets are stored.
Institutional and exchange structures can also create new wallets without representing new investment.
Custody providers may separate assets across multiple addresses, while exchanges can move funds between wallets for operational reasons.
As a result, the increase from roughly 2,006 to 2,038 addresses should be viewed as a change in wallet distribution rather than definitive evidence of 32 new XRP millionaires or whales entering the market.
Ripple Expands Institutional Infrastructure
The broader XRP Ledger ecosystem is also developing. In early August 2026, Ripple announced strategic investments in Zillow and Liquidnet aimed at bringing regulated fund infrastructure, tokenized assets, issuance and collateral functionality onto the XRP Ledger.
The broader strategy focuses on bringing traditional financial assets and processes onto blockchain infrastructure. Tokenization allows assets such as funds, securities and collateral to be represented digitally, potentially making them easier to issue, transfer, settle and use across blockchain-based systems.
Ripple is positioning the XRP Ledger as infrastructure for these financial applications.
RLUSD Adds to the XRP Ledger Ecosystem
Ripple is also expanding infrastructure around RLUSD, its dollar-backed stablecoin.
The company has been developing Ripple Mint, which provides institutions with tools to mint, redeem and manage RLUSD through operational interfaces and APIs. The significance for XRP is not necessarily that institutions will replace dollars with XRP.
Instead, stablecoins, tokenized assets, payments, settlement and liquidity could operate across the same broader infrastructure. XRP could potentially serve roles involving settlement, liquidity and network activity. Actual adoption will depend on how institutions and developers use these products rather than the existence of the infrastructure alone.
XRP Rich List Growth Is Not a Guaranteed Bullish Signal
The increase in large XRP wallets should not be treated as proof that a major rally is coming.
Large investors can be wrong. Institutions can enter too early, misjudge market conditions or restructure their holdings without increasing their overall exposure.
Wallet growth can also result from custody changes or internal transfers rather than fresh buying.
The XRP price remains exposed to broader market conditions, including Bitcoin liquidity, interest rates, investor risk appetite and leverage.
Even if large holders are accumulating XRP, the token could continue falling for an extended period.
