Record user activity and a collapse in whale selling should send XRP soaring, so why is it still pinned at $1?
XRP has recovered toward $1 after briefly falling to about $0.98, but the move comes with weak sentiment and fading spot demand. XRPL activity has rebounded: active addresses hit 49,929, above the level seen during May’s $1.54 rally, and stablecoin and RWA user counts have risen. But growth in capital and turnover has lagged, with stablecoin market cap and RWA volume both declining even as participation rises. On the supply side, whale deposits to Binance have dropped to their lowest three-month average since 2021, reducing potential exchange-side selling pressure. At the same time, XRP derivatives open interest has rebuilt on Bybit and Binance, adding leverage near recent lows. The main weakness is fresh investment inflow. XRP ETF inflows fell from $131.9 million in May to $59.5 million in June, $27.3 million in July, and just $3.27 million so far in August. Sustained recovery likely depends on stronger spot capital returning.
