XRP Price Drops Amid Slowing ETF Demand and Cooling Network Activity

XRP's price has dropped by 3.44% over the past 24 hours to around $1, and its weekly loss now stands at 6.4%. One of the main reasons behind this decline is the slowdown in spot XRP ETF demand.

The latest data from Sosovalue shows that XRP ETFs recorded zero daily net inflows on August 7 and August 10, indicating weaker fresh buying demand. This decrease is also visible in total net assets, which fell from around $993.38 million on August 5 to $950.05 million on August 10.

XRP's network activity has also cooled down, with XRP Ledger transactions dropping by 44% from around 2.81 million on August 5 to 1.57 million on August 9. Additionally, around $8.45 million worth of XRP positions were liquidated over the past 24 hours, with long positions making up 97.55% of these closures.

Despite this decline, XRP whales are still buying the dip, adding around 380 million XRP in one week and taking their total holdings to roughly 8.1 billion tokens, or about 13% of the total supply.