
The price of XRP has remained range-bound despite growing discussion around institutional interest, exchange-traded fund (ETF) demand and expanding use cases across global payments, leaving investors questioning why the token has not reflected those developments.
XRP has traded well below its previous all-time highs even as Ripple continues to expand partnerships with banks, payment firms and stablecoin issuers. Some market analysts argue that the disconnect shows a prolonged accumulation phase rather than a lack of demand.
Macro analyst Dr. Jim Willie said in a previous interview that large asset managers are unlikely to disclose XRP exposure while accumulating positions. According to Willie, public confirmation would push prices higher before institutions complete their allocations.
“They are never going to tell you what they’re buying while they’re buying it. If they did, the price would immediately move against them,” he said.
Willie added that several large financial firms, including asset managers and investment banks, are positioning ahead of a potential wave of XRP-based ETFs. Market participants say ETFs could serve as a trigger for broader price discovery.
The analyst said that XRP ETFs could attract between $5 billion and $8 billion in inflows within the first year of launch.
For the unversed, several XRP ETFs launched in November, drawing strong investor interest. Spot XRP exchange-traded funds have now crossed $1 billion in net assets, with total inflows reaching about $990.9 million.
“I did the math — that kind of money would imply an $8–$10 XRP based on market-cap multipliers,” he said. If ETFs bring large, transparent inflows, the argument goes, the current “quiet accumulation” model becomes public buying. That could force the spot market to catch up.
There are a few reasons the expert points to when they talk about suppressed public prices:
• Private OTC buying vs public supply — Much institutional buying happens over-the-counter or inside ETFs, so it doesn’t immediately lift exchange prices.
• Deliberate secrecy — Large buyers often avoid public disclosure to prevent front-running. That can keep official price moves muted while accumulation continues.
• Mixed narratives and fragmentation — Multiple chains and competing payment rails dilute headlines, making it hard for retail sentiment to build fast.
• Short-term selling and liquidity management — Some holders and ecosystem participants still sell into rallies, creating offsetting supply on exchanges.
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