XRP pinned near $1 as XRPL activity rises, whale Binance inflows fall and ETF demand slows
XRP is hovering around $1 even as XRPL network usage strengthens—an unusual mismatch traders are watching closely. On-chain, XRPL active addresses climbed to 49,929 over 24 hours, near the May peak, while XRP still trades about 35% below its earlier rally high (~$1.54).
Stablecoin participation on XRPL improved: stablecoin holders rose 37% to ~82,100 and stablecoin transfer volume increased 8.4% to $4.61B. However, XRPL stablecoin capitalization fell 6.8% to $906.8M, signaling that more users are transacting without the same depth of capital staying on-chain. RWA activity showed an even wider gap: RWA holders rose 29% but 30-day transfer volume fell ~27%, with distributed and represented tokenized-asset values slightly down.
Market microstructure also shifted. CryptoQuant data cited by the article shows the three-month average of whale deposits to Binance dropped to ~$61M (lowest since 2021). Net flows remain positive (~$18.8M), but the reduced whale inflow is lowering potential exchange-side supply. At the same time, leverage is rebuilding: XRP open interest rose, with Binance and Bybit adding a combined ~83.5M XRP over 30 days (direction unresolved because positions include longs and shorts).
The missing support is spot demand. XRP ETF inflows have fallen for three straight months, totaling about $59.46M in June and $27.29M in July, with only ~$3.27M in the first half of August. Earlier in May, ETF inflows were much stronger ($131.94M), when XRP traded above $1.54.
Bottom line: XRP’s network metrics are improving, but weaker ETF-driven spot buying and falling XRPL stablecoin capital depth keep price anchored near $1.
Neutral
The news is not uniformly bullish for XRP. Yes, XRPL participation is rebounding (active addresses near the May peak) and whale deposits to Binance have fallen, which can reduce near-term exchange-side sell pressure. Also, leverage (open interest) is rebuilding, which can support price if spot demand appears.
However, the price staying pinned near $1 despite stronger network activity points to insufficient real-money demand. The article highlights fading spot support from US-listed XRP ETFs for three consecutive months, with sharply lower marginal inflows in August. Meanwhile, XRPL stablecoin capitalization is down even as holders and transfer volume rise, suggesting capital depth and sustained economic turnover lag behind user growth.
Historically, this “on-chain activity up, market demand weak” pattern often leads to range-bound price action: volatility rises on derivatives positioning, but without spot inflows to absorb selling, breakouts can fail. Short term, traders may see choppy moves around $1 as futures positioning builds. Long term, XRP needs consistent spot/ETF inflows and stablecoin capital depth to convert improved XRPL activity into a sustained price trend.