Whale Purchases Determine XRP Price, ETFs Prove Ineffective

The recent price drop in XRP has raised questions about the belief that ETFs drive prices. Data shows that net daily inflows into spot XRP ETFs increased by 72% between August 24 and 25, reaching $23.87 million. However, XRP fell to $1.3783 during this period, losing about 4% in value over the last 24 hours. This indicates that ETFs do not solely elevate prices. While ETFs provide market stability, short-term price movements are determined by trading in the spot market. The recent 40% rise in XRP is attributed to purchases by large-scale investors. Wallets holding between 1 million and 10 million XRP accumulated 500 million XRP last week. These whales can have a short-term impact on prices. As XRP emerged from a 608-day downtrend, the price rose to $1.5219. However, a pullback occurred due to market psychology. Profit-taking by individual investors increased selling pressure. Currently, the intensity of individual selling has surpassed ETF trading volumes, making direct trading flows the determining factor in pricing.