XRP Millionaires Dump Billions After Massive Accumulation Spree - Is Red September Inevitable?

XRP whales are cashing out hard after a historic accumulation run—just as September's seasonal volatility hits crypto markets.

The Great Unloading

Major holders dumped staggering amounts following months of aggressive buying. The timing couldn't be more ominous—September traditionally paints crypto portfolios red.

Market Mechanics Exposed

Smart money accumulates silently, then profits loudly. Retail traders often foot the bill when whales decide to sell. Classic crypto capitalism—the house always wins.

September's Historical Shadow

Historical data doesn't lie: September remains crypto's cruelest month. Will XRP buck the trend or become another statistic?

Meanwhile, traditional finance executives still think 'HODL' is a typo while counting their 2% annual returns.

XRP Millionaires Start September With A Selloff

XRP millionaire wallets, which are addresses holding between 10 million and 100 million XRP coins, aggressively increased their holdings during the second half of August. Based on the current price of XRP, each of these addresses is sitting on $28 million and $280 million worth of XRP, depending on the size of their wallets.

Particularly, 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. In terms of numbers, their stash grew from about 7.5 billion XRP coins to 7.85 billion XRP. This surge in accumulation showed the confidence among large investors, which contributed to XRP successfully holding above the $3 price level throughout the month.

However, September has opened with an abrupt reversal. On September 1, whale holdings accounted for 12.19% of the circulating supply, but by September 3, that figure had dropped to 11.77%. In coin terms, the balance fell from 7.85 billion XRP to 7.61 billion XRP, wiping out much of the late August accumulation in just a few days.

This decline is clearly illustrated in Santiment’s chart below, which shows a synchronized dip in both percentage supply and absolute holdings. This rapid offloading means that these millionaire wallets may be taking profits after August’s rally, and it introduces downside pressure that could have effects on XRP’s price action throughout September.

Could This Mean A Red September For XRP?

September has been a mixed month for XRP, with both strong rallies and painful corrections shaping investor sentiment. According to data from CryptoRank, the last time XRP saw a red September was back in 2021, when it fell sharply by 20.1%. Since then, however, XRP has managed to string together three consecutive green Septembers, including a 46.2% increase in September 2022.

This track record shows that while September has the potential to bring losses, it has also been highlighted by gains. Although it is too early to declare a repeat scenario of a red September, the sell-off from millionaires at the beginning of September sets a worrying precedent.

XRP’s price action is already showing signs of strain, with the token repeatedly facing rejections above $2.8 in recent days. If these millionaire wallets continue to offload their holdings, the bullish sentiment surrounding XRP may weaken, which may lead to further declines.

At the time of writing, XRP is trading at $2.82, up by 0.2% in the past 24 hours.