NEW YORK, July 13, 2026, 09:09 (EDT) — XRP edged down to approximately $1.06 on Monday, as the number of transfers exceeding $1 million plummeted from 70 to just two over the past week. Simultaneously, U.S. spot exchange-traded funds (ETFs) designed to track XRP recorded net outflows of $7.18 million in the week ending July 10. The 97% drop in large-holder activity has undermined a bullish narrative that had been built largely on whale accumulation.
The headline price of $1 masks a more nuanced picture. Wallet balances represent a stock of coins, whereas transactions, fund subscriptions, and open interest (the value of outstanding futures contracts) serve as indicators of fresh money entering the market. XRP has managed to hold near $1 because large holders are not selling, even as the marginal bid has faded.
Crypto trading remains continuous, while regular U.S. equity and ETF trading had not yet opened at the time of reporting; the New York Stock Exchange’s core session begins at 9:30 a.m. Bitcoin was trading near $62,600, down about 2.2% from its previous close, as renewed U.S.-Iran geopolitical tensions lifted oil prices and weighed on risk assets.
“Whale activity on the XRP Ledger has cooled significantly,” noted crypto analyst Ali Martinez, citing Santiment data. Analyst Grega Horvat placed near-term support at $1 and $0.95, cautioning that the “trend is down until it is not.”
Key Demand Indicators
- Transfers above $1 million: 2 on July 13, down from 70 a week earlier — a decline of about 97%.
- Network breadth: Approximately 25,000 active addresses and 2,130 new wallets. Active addresses are near a 2026 low, and wallet creation is at its lowest since November 2024.
- Binance XRP futures: Open interest stands at $399 million, down about $100 million from mid-June. Positions have fallen roughly 20%, while funding rose 266% to 0.007 and long liquidations increased 94%.
- U.S. spot XRP ETFs: Net outflow of $7.18 million for the week of July 6–10. Bitwise saw $7.29 million in outflows, partially offset by about $0.11 million in inflows to 21Shares.
The drop in open interest removes some fuel for a forced-liquidation chain. However, positive funding — the periodic payment between bullish and bearish futures traders — indicates that those betting on a rise were still paying the other side. Positions were being unwound faster than new leveraged money arrived.
Fund holdings also put the institutional demand story into perspective. An XRP Insights tracker estimated that seven U.S. spot products held 964.5 million XRP, or about 1.5% of the 62.47 billion tokens in circulation. Their roughly $10 million in daily turnover equates to only about 1% of XRP’s near-$1 billion, 24-hour token volume.
XRP’s weekly performance shows that the selling pressure was not merely a reflection of Bitcoin’s move. Over the past seven days, XRP fell 5.5%, while Bitcoin dropped just 0.3% and Ether rose 0.1%. Solana fell 5.9%, broadly in line with XRP. This suggests an XRP-specific loss of demand layered onto Monday’s wider risk-off trade.
The reversal was swift. On July 2, daily new wallets reached 4,941, a three-month high, and spot ETFs drew $15.34 million. The latest new-wallet reading is about 57% lower, while the weekly fund tally has turned negative. Address counts are not equivalent to users — one entity can control several wallets — but the simultaneous turn in ledger, fund, and derivatives data is harder to dismiss.
Thin flows can cut both ways. A restart in ETF buying or wallet creation could lift XRP sharply if large holders keep supply off the market; continued redemptions, positive funding, and weak network growth would instead make the $1 floor brittle. Technical analysis suggests that if the descending price channel breaks, XRP could fall to $0.80, and would need to reclaim roughly $1.40 to $1.60 to reverse the trend.
The next confirmation is straightforward: ETF inflows, active addresses, and outstanding futures positions need to rise together without another jump in funding. Until then, whale accumulation is a balance-sheet fact, not proof that fresh demand has returned.
