After XRP retraced to near $1, the number of large on-chain addresses continues to rise. Data cited by Santiment shows that over the past three months, the number of addresses holding at least 1 million XRP increased from approximately 2,006 to 2,038, while XRP’s market capitalization declined by about 29% during the same period, indicating that price movement and address distribution are not moving in sync.
The number of million-coin addresses increased to 2,038.
At the current price of approximately $1, 1 million XRP represents a book value of about $1 million, making such addresses high-balance accounts on the XRP network. However, an increase in the number of addresses does not equate to 32 new large holders entering the network.
An investor may control multiple addresses, and exchanges, custodians, and institutional investors may also manage multiple groups of addresses. Increases in addresses may also result from position consolidation, internal transfers, or custodial restructuring, and do not necessarily indicate new buying activity.
Price has dropped more than 70% from its higher point.
XRP rose to approximately $3.66 in July 2025. By August 2026, the price had declined more than 70% from that peak. On August 11, XRP briefly fell below $1, touching a low of approximately $0.99 before recovering slightly.
Despite sustained price pressure, the number of million-coin addresses has not significantly decreased, indicating that large holders have not broadly exited the market. However, this does not directly imply that prices have bottomed out or that these addresses are currently in profit.
XRP Ledger activity continues to rise
In addition to address distribution, on-chain activity on the XRP Ledger has continued to grow. The report noted that on August 5, the network processed over 2.8 million transactions, representing an approximately 86% increase from the previous week and more than an 81% increase above the 30-day average; the number of active accounts also rose by over 5% compared to the previous month.
This means that token prices do not always align with underlying network usage. Even if the XRP price weakens, on-chain transactions and account activity may continue to rise; such data are better suited as supplementary indicators for monitoring network usage and fund distribution.
Ripple advances its institutional strategy
On the ecosystem level, Ripple is also advancing institutional infrastructure for the XRP Ledger. The report mentions that in early August 2026, Ripple announced strategic investments in Zillow and Liquidnet with the goal of integrating regulated fund infrastructure, tokenized assets, issuance, and collateralization capabilities into the XRP Ledger.
Meanwhile, Ripple is also expanding its tools related to RLUSD. The company is advancing Ripple Mint, providing institutions with an interface and API for minting, redeeming, and managing RLUSD. The report suggests that stablecoins, tokenized assets, payments, settlements, and liquidity may eventually operate on a single infrastructure, with XRP potentially playing a role in settlement and liquidity.