XRP's Surging Network Activity Meets Flat ETF Demand

XRP network activity has seen an 84% surge since August 1, despite the price decline. According to data from Santiment, large wallet holders have quietly accumulated XRP during this time.

The analysis firm noted that when large holders grow while market cap falls, it indicates that stronger hands are absorbing panic selling rather than joining it.

This accumulation can be attributed to the growing institutional adoption of Ripple's payments, custody, and tokenization infrastructure, as well as the increasing use of RLUSD as a stablecoin.

However, this on-chain activity does not necessarily translate to demand for XRP ETFs, which saw zero net inflows in the first two sessions of this week.