XRP experienced a 70% rally in mid-August, and on-chain data suggests larger investors moved ahead of the breakout. Analytics firm Santiment found that 85 new wallets holding at least 1 million tokens appeared just two days before the August 17-21 surge.
Large wallets can absorb supply and strengthen bids while shifting liquidity faster than retail traders. Historical patterns show that changes in millionaire wallet numbers have often preceded XRP's sharper price movements.
Ecosystem Developments
Beyond price action, the XRP Ledger ecosystem continued expanding. Ripple backed an RLUSD credit fund focused on fintech and payments lending on XRPL, while ZILO and Licuido investments brought tokenization and transfer-agency capabilities to Ripple's infrastructure.
Ripple also expanded its GSmart platform to handle a broader range of enterprise finance functions, including forecasting, liquidity management, risk analysis, reconciliation, and reporting. The company stated these new capabilities are already in use by Ripple's enterprise customers.
Recent Price Pressure
XRP took a sharper hit than other major cryptocurrencies following the Senate's failure to advance the CLARITY Act, a comprehensive regulatory framework the industry has advocated for over several years. The token shed more than 8% in response.
Crypto analyst Diana noted that XRP lost the $1.34 support level and weakened its earlier bullish setup, which had targeted the $1.70-$1.78 range. Key support levels to watch are $1.24-$1.26, with potential further downside to $1.14-$1.10 and $1.00 if those areas fail.
One-hour RSI readings fell close to 21, indicating deeply oversold conditions that could trigger a short-term bounce.
Institutional Interest
On the institutional side, US-based spot XRP exchange-traded funds continued attracting capital, with over $43 million in inflows recorded in August. If the trend continues, these funds could extend their inflow streak to 10 consecutive weeks.
