XRP price is facing fresh selling pressure, falling 3.44% to around $1 over the past 24 hours and extending its weekly loss to 6.4%. The drop comes as ETF demand slows, network activity cools, and heavy long liquidations add more pressure.
With U.S. inflation data approaching, traders are now watching whether XRP can defend $1.
One of the main reasons behind today’s XRP price drop is the slowdown in spot XRP ETF demand.
According to Sosovalue, XRP ETFs recorded around $3.45 million in net inflows on August 6. However, the latest data shows zero daily net inflows on August 7 and August 10, pointing to weaker fresh buying demand.
The decline is also visible in total net assets, which fell from about $993.38 million on August 5 to $950.05 million on August 10.
With less money entering XRP ETFs, the market has less buying support during periods of heavy selling.
XRP is also seeing weaker network activity. XRP Ledger transactions fell from around 2.81 million on August 5 to 1.57 million on August 9, marking a decline of about 44%. The drop suggests that network activity and demand have cooled in recent days.
The derivatives market has added another layer of pressure. According to CoinGlass data, around $8.45 million worth of XRP positions were liquidated over the past 24 hours. Long positions made up $8.25 million, or 97.55%, while short liquidations stood at just $207,044.
These forced closures increased selling and pushed the price lower, creating more pressure on other leveraged traders.
Despite the decline, XRP whales appear to be using the lower price levels to increase their holdings. Whales added around 380 million XRP in one week, taking their total holdings to roughly 8.1 billion tokens, or about 13% of the total supply.
Yet XRP price remains around $1 while trading below several declining moving averages.
Now all eyes on the 12 August U.S. CPI inflation report. Investors are reducing risk ahead of the key data, which could affect expectations for U.S. interest rates and broader crypto demand.
From a technical view, XRP recently closed its weekly candle at $1.09 after breaking a key price floor that had held for nearly two years.
For now, $1 remains the key support level. If XRP holds above it, the token could enter a consolidation phase. However, a break below $1 could open the way toward $0.94.
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