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XRP Millionaires Dump After Major Accumulation Trend, Will It Be A Red September?
Large XRP holders, specifically those with 10 million to 100 million XRP, shifted from accumulating in late August to significant selling at the start of September. On-chain data reveals a sharp reversal in their holdings. This change sparks concerns about XRP's price sustainability, especially after rejections above $2.8. These "millionaire" wallets aggressively increased their XRP stake in the latter half of August. Their holdings grew from 11.67% to 12.19% of the circulating supply, representing an increase from 7.5 billion to 7.85 billion XRP. This accumulation contributed to XRP holding above $3 throughout August. However, by September 3rd, their holdings dropped to 11.77% of the supply, or 7.61 billion XRP. This rapid offloading suggests profit-taking and introduces potential downside pressure for XRP. Historically, September has been a mixed month for XRP, with both gains and losses. While XRP has seen three consecutive green Septembers since 2021, the current sell-off by large holders is a concerning precedent. XRP's price is already struggling to break above $2.8. Continued selling by these large holders could weaken bullish sentiment and lead to further price declines.
