Large holders known as shark and whale wallets have bought 600 million XRP tokens over the past five weeks, even as the cryptocurrency's price slipped 1.73% on July 23 to trade at $1.13. The accumulation comes amid growing optimism that the U.S. Senate could vote to pass the CLARITY Act before the August recess, a move that would clarify the regulatory status of digital assets.
The whale accumulation
Data from blockchain trackers shows that wallets classified as sharks and whales — entities holding significant amounts of XRP — have been steadily increasing their positions. Over five weeks, they added 600 million tokens to their combined holdings. The buying spree suggests that these large investors are betting on a favorable regulatory outcome, even as the broader market remains cautious.
Regulatory backdrop
The CLARITY Act, which aims to provide a clear legal framework for cryptocurrencies, has been a focal point for the industry. Supporters argue that the bill would reduce uncertainty and encourage institutional participation. The possibility of a Senate vote before the August recess has fueled optimism among XRP holders, who see the legislation as a potential catalyst for the token's adoption.
Price reaction
Despite the whale accumulation, XRP's price fell 1.73% on July 23, closing at $1.13. The decline suggests that the broader market is not yet pricing in the potential impact of the CLARITY Act, or that other factors — such as profit-taking or macroeconomic headwinds — are weighing on sentiment. The divergence between whale buying and price action highlights the uncertainty that still surrounds the token.
The Senate is expected to vote on the CLARITY Act before the August recess. For now, the market is watching to see whether the whale accumulation was a prescient bet or a premature one.
