Last week, the XRP Ledger saw a big drop in whale activity, with large transactions nearly disappearing and U.S. spot XRP ETFs seeing $7.18 million in net outflows.
This slowdown happened as tensions in the Middle East hurt institutional sentiment and put pressure on XRP’s price. Still, derivatives traders are cautiously optimistic, as XRP futures open interest has grown a bit. Investors are also watching for the XRP Ledger 3.2.0 upgrade, which should boost tokenization and DeFi features.
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
Crypto analyst Ali Martinez, citing Santiment data, says the number of XRP transactions over $1 million fell sharply last week. Whale transfers dropped from about 70 to just two, showing that big investors are much less active.
A drop in whale activity usually means institutional players are stepping back or waiting for clearer market signals. Martinez thinks this trend shows a consolidation phase, not aggressive buying.
Source: sosovalue.com
The weak on-chain data came alongside $7.18 million in weekly net outflows from U.S. spot XRP ETFs, the biggest withdrawal in about four months. Analysts say geopolitical uncertainty, especially tensions between the U.S. and Iran, has made investors less willing to take risks on assets like cryptocurrencies.
XRP also saw selling pressure in the spot market, dropping to about $1.06 before bouncing back to around $1.07. Even so, trading stayed active, with daily volume up about 18%, showing traders are still involved despite the price dip.
Martinez points to $0.90 as a key support level, while on-chain data shows stronger support near $0.80, $0.62, and $0.51 if selling picks up.
The derivatives market tells a more balanced story. XRP futures open interest rose slightly to about $2.29 billion, with small gains on exchanges like Binance and CME.
This means that while spot investors are cautious, some traders are still betting on a rebound. Many are now watching the upcoming XRP Ledger upgrade, which could make the network more attractive by boosting DeFi and tokenization features.
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