XRP briefly climbed to its highest level in a week on July 22 before surrendering the gains, signaling that bulls are struggling to maintain control despite continued demand through U.S. spot exchange-traded funds (ETFs).
The native token of the XRP Ledger (XRPL) rose to approximately $1.16 during Wednesday’s session but later reversed lower.
The reversal weakened the altcoin’s earlier bullish momentum and raised questions over whether the token can maintain its recent recovery or face another move toward the $1 support level.
XRP ETFs see weekly inflows
During the past two weeks, XRP ETFs have recorded a net cash inflow of approximately $14.93 million, thereby holding total net assets of roughly $1.06 billion at the time of reporting, as per details from SoSoValue.
XRP Ledger tokenization growth
Over the past 30 days, the number of RWA (Real World Assets) holders on the XRPL surged by 22% to 174, as per data from RWA.xyz.
The XRP Ledger tokenization growth over the past 30 days has been fueled by rising stablecoin market capitalization. At the time of publication, the XRPL’s stablecoin market cap hovered at $985.16 million, up 5.7% from 30 days ago.
Notably, every transaction on XRPL increases the amount of tokens burned, which in turn reduces the supply of the asset with a fixed on-chain supply. XRPL has seen its transactions hit an all-time high as agentic payments surpass 1.4 million transactions, as Finbold reported.
Key factors to affect the token’s near-term sentiment?
XRP whales are getting quieter, and that might matter more than it seems. Large XRP transfers to Binance have fallen to their lowest level in two months, reducing potential sell pressure, according to metrics from CryptoQuant.
XRP whales and sharks holding between 100,000 and 100 million tokens have added over 2.8% more coins to their bags in five weeks, according to updates from Santiment. Meanwhile, the altcoin’s Open Interest (OI), the total unsettled futures in the derivatives market, is rising while spot activity remains low.
