XRP (XRP) is holding above the $1.00 support zone amid major declines. However, on-chain services are on the rise.
The new wallet, whale, and exchange-traded fund (ETF) service shows that users are entering when the price looks weak, which indicates demand on the bottom.
Declining XRP Price Meets Stable Demand
XRP, like the broader market, has fallen sharply this month. The altcoin affected a 19 months of $ 1.01 on June 25. It is now trading near $ 1.05, down 0.18% on the previous day.
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However, chain information presents a different picture. Santiment reported that the XRP Ledger added 4,941 new wallets in one day, marking its strongest growth in more than three months.
People’s attitudes have also changed. The positive/negative social media ratio reached 3.7 positive comments per brand, a three-month high for FOMO, according to Santiment. Traders seem to be taking the $1.00 to $1.05 band as a buying position.
“Part of this optimism stems from XRP’s well-known history, ongoing ETF and institutional issues, and the idea that large shareholders will continue to be exposed even at negative prices,” the company said.
On-Chain Indicators Show Convergence
The on-chain content supports that view. Santiment data shows a surge in the three major sectors in June despite a 21% drop in prices. The XRP group of 10 million to 100 million led by 160 million XRP added, the strongest symbol of the group.
Small groups followed. Wallets with 100,000 to 1 million XRP added 30 million tokens, while those with 1 million to 10 million XRP got 20 million tokens. This shows that the adults continue to accumulate despite the decline.
Corporate demand has remained strong. US spot XRP exchange-traded funds (ETFs) attracted $22.99 million in the network entry last week, extending their number to eight consecutive weeks.
The new week also got off to a good start, with the fund recording $15.34 million in total entries on Monday. This is going well the very opposite of Bitcoin and Ethereum ETFs.
Bitcoin ETFs have recorded seven consecutive weeks of outflows of nearly $7.7 billion. Investors pulled in another $231 million on Monday.
Ethereum ETFs also show the number of sites that have been active in the past year. XRP ETFs, by contrast, have not recorded a single day of net outflows since June 3, although several sessions have ended with a steady move.
Santiment said the big question is whether this wallet turns into a permanent interest or ends up as short-term FOMO. With XRP being very close to $1.00, the upcoming sessions should reveal the direction on-chain requires a break.
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A note XRP Demand Builds On-Chain Even As Price Drops To 19-Month Low appeared for the first time BeInCrypto.
