Record user activity and a collapse in whale selling should send XRP soaring, so why is it still pinned at $1?

A notable development has hit the crypto markets. XRP is back near $1 even as network activity rebounds, whale deposits to Binance collapse, and derivatives exposure builds near recent lows. The token fell to about $0. 98 this week before recovering toward $1, according to data, extending a retreat that has erased much of its May rally.

Crowd commentary around XRP simultaneously reached its most bearish level in three months across X, Reddit, Telegram, and other crypto channels tracked by Santiment. Beneath that price weakness, several parts of the market have strengthened. More addresses are using the XRP Ledger (XRPL), large holders are moving less XRP onto Binance, and traders are adding leveraged exposure.

Market Dynamics

Yet, fresh investment demand has moved in the opposite direction, while growth in parts of XRPL's user base has outpaced the capital and transaction value accompanying it. XRPL participation broadens as capital depth lags XRPL activity has returned to its May peak even though XRP is trading roughly 35% below the price reached during that earlier surge. The network logged 49,929 active addresses during a 24-hour period this week, its highest level in more than two months and about 3% above the 48,453 recorded when XRP traded above $1.

XRPL Network Activity and Market Sentiment (Source: Santiment) The backdrop is markedly different this time. Santiment linked part of the May increase to enthusiasm around XRP's price breakout. The latest surge followed weeks of weaker price action, including a drop below $1, while social sentiment deteriorated to a three-month low.

May also showed how quickly those gains can disappear. Daily active addresses fell to 25,350 by July 10, the second-lowest reading of 2026, before recovering over the following month. Meanwhile, network participation has since broadened beyond the active-address count.

Market Impact

Stablecoin holders on XRPL climbed 37% over the past month to about 82,100 from roughly 60,000, RWA. Stablecoin transfer volume rose 8. 4% over the same period to $4.

However, XRPL's stablecoin capital moved in the opposite direction, with market capitalization falling 6. 8 million despite increases in holders and transfer volume. Tokenized real-world assets showed a wider gap.

The number of RWA holders increased 29% to 217, while 30-day transfer volume fell almost 27% to $242. Distributed RWA value declined 1. 18 million, while represented asset value slipped 0.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.