The broader cryptocurrency market entered a risk-off phase this week, dragging the total market cap down more than 4%. XRP mirrored this trend, slipping over 7% and breaking the $1.50 barrier. The decline coincided with a sharp correction in other high-cap assets, reinforcing the idea that XRP is still vulnerable to macro-level sentiment shifts.
Despite the price drop, trading volume remains robust at roughly $3 billion, representing about 4% of XRP’s circulating market cap. Analysts are now focusing on the 200-day exponential moving average and a key psychological level around $1.32, which could act as a buffer if sellers lose momentum. The Relative Strength Index hovering near 40 signals that bearish pressure still dominates, but a bounce above $1.32 would re-establish a modest bullish footing.
ETF activity and Evernorth’s public-market push
Data from SoSoValue reveal a striking divergence within the crypto-ETF arena. While Bitcoin and Ethereum-linked funds recorded net outflows, XRP-focused ETFs attracted fresh capital, logging $67 million in daily trading volume. The influx is largely driven by Franklin Templeton narrowing the gap with Bitwise, the former market leader in XRP-related products.
Adding fuel to the ETF surge, Evernorth completed a SPAC merger with Armada II, bringing roughly 473 million XRP and $300 million in cash into the public markets. This move offers investors a novel avenue to gain exposure to the Ripple ecosystem without directly purchasing the token. The merger underscores growing institutional curiosity, even as the broader market stays subdued.
Whale withdrawals and Bitcoin short positions
Exchange-level data paint a contrasting picture. Binance and Upbit together saw a net loss of 104.7 million XRP over the past two weeks, with crypto-quant analysis attributing about 77% of the outflows to “whale” wallets. Binance’s own numbers show a 81% share of these large-holder exits, while retail participants contributed roughly 19%.
Simultaneously, the Bitcoin derivatives market displayed heightened bearish sentiment. Four newly created Hyperliquid wallets deposited $1 million in USDC and opened 40× short positions covering 148.5 BTC, a notional $12.5 million, just before Bitcoin slipped below $84,000. The cascade of liquidations that followed—over $500 million in long positions—highlights how leverage can amplify price swings across correlated assets.
XRPL upgrades and growing on-chain activity
The XRP Ledger (XRPL) rolled out a major upgrade that introduces delegated key controls for banks, stablecoin issuers, and tokenized funds. This feature allows an institution to grant specific accounts the authority to approve customer actions while keeping primary wallet keys offline, a design that bolsters both security and regulatory compliance for potential corporate users.
Beyond the technical upgrade, the ledger’s “agentic economy” is accelerating. Recent metrics show 13 million agentic payments processed by 166 merchants, accounting for roughly 25% of total ledger activity. If the current trajectory holds, the ecosystem could surpass 100 million transactions within the next year, signalling expanding real-world utility and further institutional appeal.
When considered together—ETF capital inflows, Evernorth’s public-market debut, sizeable whale withdrawals, and a more robust XRPL—these signals suggest that XRP’s current divergence is not merely a random rotation of capital. Should broader risk appetite return, the token is positioned to capitalize on resumed inflows, potentially leading the next phase of crypto-market recovery.
