XRP Millionaires Dispose Following Noteworthy Hoarding Pattern, Potential for a Red September?
In the opening days of September 2023, a notable shift has occurred in the XRP market. According to recent data, the large-holder category, often referred to as "whales," have been the primary sellers of XRP. These are holders who own significant amounts of XRP, typically referred to as XRP millionaire wallets (10 million to 100 million XRP).
At the time of writing, XRP is trading at $2.82, marking a 0.2% increase in the past 24 hours. However, this change raises concerns about the sustainability of XRP's price, which has been facing rejections above $2.8 in recent days.
On-chain data from Santiment shows a sharp reversal in holdings, both in terms of circulating supply percentage and the number of coins held by this cohort. In the second half of August, XRP millionaire wallets aggressively increased their holdings. However, at the start of September, they shifted from accumulation to significant dumping.
This rapid offloading may indicate that these millionaire wallets are taking profits after August's rally, and it introduces downside pressure that could affect XRP's price action throughout September. The sell-off from these millionaire wallets sets a worrying precedent for XRP's price action in September.
Santiment's data shows that the percentage of XRP supply held by these addresses rose from 11.67% on August 16 to 12.19% by the end of the month, and their stash grew from about 7.5 billion XRP coins to 7.85 billion XRP. However, by September 3, this balance had dropped to 11.77% and 7.61 billion XRP respectively.
This sell-off trend is not unprecedented, as data from CryptoRank reveals that the last time XRP saw a red September was back in 2021, when it fell sharply by 20.1%. However, since then, XRP has managed to string together three consecutive green Septembers, including a 46.2% increase in September 2022.
If these millionaire wallets continue to offload their holdings, the bullish sentiment surrounding XRP may weaken, which may lead to further declines. The decline in XRP holdings by these millionaire wallets is illustrated in Santiment's chart, which shows a synchronized dip in both percentage supply and absolute holdings.
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In conclusion, the sell-off from XRP millionaire wallets could potentially make September a bearish month for XRP. Investors are advised to closely monitor the market for any further developments.
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