The divergence between XRP’s network activity and its market price has never been starker. On one side, on-chain data shows a dramatic pickup in user engagement: the number of active wallets has rocketed 72% in just two weeks. On the other, the token itself remains mired near $1.09, down 42% year-to-date and more than 70% below its July 2025 peak of $3.65.
The wallet explosion is accompanied by clear signs of accumulation. Reserves on crypto exchanges have been declining steadily as investors move tokens off trading platforms. US spot ETFs for XRP have now recorded eight consecutive weeks of net inflows, with $6.55 million arriving on a single day — July 2 — pushing total assets under management close to the $1 billion mark. Since their launch, the ETFs have attracted a cumulative $1.4 billion.
Yet for every retail or yield-seeking buyer stepping in, a heavyweight appears to be stepping out. Goldman Sachs liquidated its entire XRP ETF position in the first quarter of 2026, unwinding a stake worth roughly $154 million at the end of 2025. Analysts believe the bank had been using the exposure purely for client order execution rather than as a long-term proprietary bet. The proceeds were redirected into crypto equities such as Coinbase and Galaxy Digital, signaling a preference for infrastructure plays over direct token exposure.
The institutional pivot fits a broader pattern. Ripple itself is gaining traction as a payments and stablecoin player, but that success has not filtered into its native token. The company recently joined the Open USD Consortium, a heavyweight stablecoin initiative backed by Visa, Mastercard, and BlackRock. The new dollar-pegged coin is slated for launch in 2026 on Solana and Polygon — notably not on XRP’s own XRP Ledger. Separately, Ripple’s own stablecoin RLUSD has already facilitated over $2.5 billion in settlement volume on the ledger, with nearly $900 million of that in direct trades against XRP. Still, price impact has been negligible.
Should investors sell immediately? Or is it worth buying XRP?
On the regulatory front, sentiment has improved incrementally. A key compliance deadline in California passed on July 1 without any enforcement action against Ripple, removing one overhang. The company used the breathing room to launch a startup accelerator with Brinc on the XRP Ledger in Hong Kong. Meanwhile, the US Senate is expected to push a critical crypto-regulation vote to late July or early August. A positive committee vote in May propelled XRP 4.5% in a single day, and a repeat performance could drive the token toward its 50-day moving average at $1.21.
Technical indicators are flashing tentative optimism. The TD Sequential index has signaled a potential trend reversal after weeks of losses. Traders on Polymarket are pricing in a 70% probability that XRP will close July above $1.20. Weekly ETF inflows have held steady at around $60 million, underscoring sustained demand from institutional buyers despite the Goldman Sachs exit.
The net takeaway: network usage and retail accumulation are firing on all cylinders, but the token’s recovery remains hostage to conflicting institutional currents. Until a clear catalyst — whether regulatory, political, or macro — aligns demand with on-chain momentum, XRP is likely to continue hovering in the no-man’s land between $1 and $1.20.
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