The XRP Ledger (XRPL) is showing signs of growing institutional traction as large holders continue to accumulate the asset despite a broader market downturn. Ripple's expanding ecosystem across payments, stablecoins, custody, and tokenization is reinforcing the ledger's appeal to institutional users, while tokenized Treasury activity on the network is strengthening its position as a potential bridge between traditional finance and blockchain-based markets.

Large Holders Accumulate Amid Market Cap Decline

Data from Santiment Intelligence indicates that XRP Ledger has experienced a notable uptick in large-holder activity even as overall market conditions remain weak. Over the past three months, the number of wallets holding more than 1 million XRP has increased by 32, while the network's market capitalization has declined by approximately 29%.

This divergence suggests that some major investors have been accumulating during the broader market downturn. XRP has posted relatively lackluster price performance throughout the summer, but ongoing developments across Ripple's ecosystem could reinforce its long-term institutional narrative. The accumulation trend follows Ripple's legal resolution with the U.S. Securities and Exchange Commission in 2024, which provided regulatory clarity on XRP's status and removed a significant overhang that had limited institutional engagement with the asset for years.

RLUSD, Ripple's stablecoin approved by the New York Department of Financial Services, has emerged as a notable institutional stablecoin. Ripple continues to expand its payments, custody, and tokenization infrastructure. These initiatives could enhance blockchain utility and solidify the XRP Ledger's role in institutional settlement and financial applications.

The continued growth in million-XRP wallets may serve as a key indicator for market participants monitoring large-scale positioning in XRP. The fact that major holders are increasing their exposure while the network's market capitalization declines could signal that more committed investors are accumulating the asset.

BlackRock's Tokenization Vision and XRPL

Data highlighted by RippleXity noted that BlackRock CEO Larry Fink referred to tokenization as "the next generation for markets." This vision is already being realized on the XRP Ledger through Ondo Finance's OUSG token, which provides exposure to Treasury assets backed by the BlackRock BUIDL fund, adding approximately $212 million in assets to the ledger.

🚨 JUST IN: BlackRock's Larry Fink calls tokenization "the next generation for markets." Here's what nobody's connecting. BlackRock doesn't have to announce anything for its tokenized Treasuries to reach the $XRP Ledger. They already do. Ondo Finance runs OUSG on the #XRPL .… pic.twitter.com/2DprEXO9MB — RippleXity (@RippleXity) August 11, 2026

The development underscores the growing relevance of the XRP Ledger as a tokenization platform, offering fast settlement, continuous availability, and compliance-oriented infrastructure. The tokenized Treasury sector has expanded across multiple blockchains, with firms including Franklin Templeton, Ondo Finance, and Hashnote bringing government-backed yield products on-chain—reflecting broader institutional demand for cash-management instruments that operate natively in digital asset environments. As more institutions adopt blockchain technology, tokenized Treasuries may increasingly serve as a link between traditional finance and digital asset markets.

Outlook for XRP Ledger

Market participants are likely to continue monitoring whale accumulation trends as broader market conditions evolve. Factors such as increased whale trading volume, Ripple payment adoption, and tokenized Treasury activity could all contribute to the institutional narrative surrounding the XRP Ledger. An increase in buying volume may support price recovery, while sustained selling pressure could delay such a trend.

Source: Santiment Intelligence