The XRP Ledger experienced a significant decline in whale activity last week, with massive transactions all but vanishing and $7.18 million in net withdrawals from U.S. spot XRP ETFs.
This halt occurred while the price of XRP was under pressure and institutional sentiment was negatively impacted by Middle East tensions. Derivatives traders are cautiously hopeful despite the little increase in open interest in XRP futures. The XRP Ledger 3.2.0 update, which could improve tokenization and DeFi functionality, is another event that investors are keeping an eye on.
42% of the network is running XRPL 3.2.0 .
This version brings the name transition from rippled to xrpld, under the hood improvements and one fix amendment.
If you haven’t upgraded yet, please update your XRP Ledger nodes to 3.2.0!
Migration Guide:https://t.co/LhOxh2lpIk pic.twitter.com/vPkbhYAGFS
— XRP Ledger Operations (@XRPLOperations) July 7, 2026
According to Santiment statistics cited by cryptocurrency expert Ali Martinez, there were much fewer XRP transactions over $1 million last week. The number of whale transfers decreased from over 70 to only two, indicating a significant decrease in the activity of large investors.
When whale activity declines, it typically indicates that institutional players are taking a step back or are waiting for more precise indications from the market. Martinez believes that rather than enthusiastic purchasing, this trend indicates a moment of consolidation.
Source: sosovalue.com
The dismal on-chain statistics coincided with weekly net withdrawals from U.S. spot XRP ETFs of $7.18 million, the most in about four months. According to analysts, investors are less inclined to take chances on assets like cryptocurrencies due to geopolitical uncertainties, particularly tensions between the United States and Iran.
In the spot market, XRP experienced selling pressure as well, falling to around $1.06 before rising to roughly $1.07. Despite the price decline, trading continued to be busy, as seen by the daily volume increase of almost 18%.
While on-chain data indicates better support at $0.80, $0.62, and $0.51 if selling goes up, Martinez identifies $0.90 as a crucial support level.
The story presented by the futures market is more impartial. With minor advances on platforms like Binance and CME, XRP futures open interest increased marginally to around $2.29 billion.
This indicates that some traders are still placing bets on a recovery even as spot investors are being cautious. Many are already keeping an eye on the impending XRP Ledger update, which might improve DeFi and tokenization capabilities and make the network more appealing.
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