XRP is continuing to hold above the crucial $1.00 support level, trading near $1.04 after falling to a 19-month low of around $1.01 on June 25.
Despite the recent price weakness, Santiment found that interest in the XRP Ledger has remained strong.
FOMO Returns
According to the latest data, the XRP Ledger recorded 4,941 new wallet creations in a single day, which is its highest level of network growth in more than three months. This suggests that new users are entering the ecosystem at a time when XRP’s price is under pressure, the analytics firm explained.
At the same time, social sentiment has turned increasingly optimistic. Santiment’s data reveal there are now 3.7 bullish comments for every bearish comment, the highest positive-to-negative ratio in three months. As such, many traders are treating the $1.00-$1.05 range as a dip-buying opportunity, which reflects growing fear of missing out (FOMO).
The firm said this optimism is partly driven by XRP’s history of rebounding after sharp declines, ongoing discussions around ETFs and institutional adoption, and the view that larger holders have continued accumulating during the downturn. Santiment added that it remains important to see whether the surge in new wallets develops into steady buying demand or proves to be only short-term FOMO.
Separate data from CryptoQuant showed that whale activity is becoming more prominent across centralized exchanges overall, but less concentrated on Binance. It found that whales are increasingly spreading their activity across multiple trading platforms.
Institutional Demand
Even as the price continues to struggle, XRP investment products have managed to attract fresh capital. US-based spot XRP ETFs attracted $15.34 million in net inflows on June 29. The Bitwise XRP ETF accounted for the largest share at $11.94 million, followed by Canary XRPC at $3.40 million.
June’s total has now surpassed $62 million, bringing cumulative net inflows across all the spot XRP ETFs to $1.48 billion, according to data compiled by SoSoValue.
Source: CryptoPotato
