XRP climbed to roughly $1.16 on Wednesday, July 22, its highest print in a week, then reversed and erased the entire move. The retreat put bulls back on the defensive and revived talk about a retest of the $1 support level that has been in play for weeks.
The pullback came despite genuine demand flowing through U.S. spot ETFs. Over the past two weeks those products recorded net inflows of about $14.93 million, bringing total net assets to approximately $1.06 billion, according to SoSoValue data. That is not nothing, but it clearly was not enough to hold the $1.16 level.
Tokenization on XRPL keeps climbing
Away from the price action, the XRP Ledger has been putting up numbers worth watching. The count of Real World Asset holders on XRPL jumped 22% over the past 30 days to 174, per RWA.xyz. The stablecoin market cap sitting on the ledger reached $985.16 million, up 5.7% from a month ago. Both figures point to growing on-chain activity independent of short-term trading sentiment.
Agentic payments on XRPL have already surpassed 1.4 million transactions, an all-time high. Every transaction burns a small amount of XRP, so a sustained spike in volume steadily chips away at the fixed on-chain supply.
Whale moves and derivatives positioning
Large XRP transfers to Binance have dropped to a two-month low, which CryptoQuant reads as reduced potential sell pressure. Wallets holding between 100,000 and 100 million tokens added more than 2.8% to their positions over five weeks, according to Santiment. At the same time, Open Interest in XRP futures is rising while spot volumes stay thin, a mix that tends to amplify moves in either direction once a catalyst arrives.
XRP/USD was trading below Wednesday's high as derivatives desks pushed OI higher with no matching spot conviction behind it.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
