XRP is once again going through a difficult period next to the wider one crypto market, but the story beneath the price chart is not so quiet as the red candles show.
The entire crypto market is down over 5% in the last seven days, and the XRP price has also struggled to maintain momentum, but the latest volume updates show that traders, large holders, ETF investors and XRP Ledger users are still active.
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Major XRP volume updates
The first major volume update is tied to the largest holders of XRP. Data shared by Crypto analyst Ali Martinez shows that large wallet holders collected 71 million XRP in seven days, even as the token remained under pressure. XRP fell nearly 5% over the past week and was trading around $1.36 at the time the analyst shared the data, showing that the purchase occurred during a weak and volatile stretch for the asset.
This is important because of the accumulation of whales changes the tone of the sale. It shows that the market crash not only causes fear-based selling, but also creates a trend where bigger wallets increase exposure while weaker hands sell. The price hasn’t widely reflected this purchase yet, but the behavior is still worth checking out.
XRP Ledger payment activity also strengthened significantly during the latter part of the market decline. The number of payments from one account to another rose from under 1 million earlier this week to 1.22 million payments on May 22.
Number of XRP payments. Source: XRPScan
The increase was not limited to the number of transactions alone. XRP payment volume also increased from levels of nearly 200 million XRP around May 16 and 17 to over 400 million XRP on May 18.
The figure remained high in the following days and was still above the 400 million XRP region on May 22. That means more payments were processed and a greater amount of XRP was also moved between accounts.
XRP payment volume. Source: XRPScan
ETF inflows add a different kind of volume
Another important volume signal comes from the ETF market. Data from SoSoValue shows that XRP-linked ETF products recorded weekly inflows of more than $65 million last week. This week’s flow also came in at a positive $22.04 million, with net inflows every day, even as the broader crypto market was under pressure.
The inflows into Spot XRP ETFs are important because ETF inflows are a different type of demand than regular stock market trading. Spot and futures volume may be based on short-term transactions and leverage trading, but ETF inflows are investors taking exposure through more structured investment vehicles.
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The timing is also important. XRP ETF flows come in as the price is under pressure, meaning ETF buyers are not waiting for it a price breakout. This creates a silent layer of support in the background, even if it is not yet strong enough to overcome the broader downtrend in the market.
Featured image from Pixabay, chart from TradingView