Spot Market Activity and Net Flows
XRP has recently seen a dramatic surge in spot market activity, with flows increasing 2,490% within an eight-hour period, according to CoinGlass data. Despite the high trading activity, XRP’s net inflows remain slightly positive at $13.97 million, indicating that selling pressure is predominant. Over the last 24 hours, XRP outflows — representing assets leaving spot exchanges — totaled $247.28 million, nearly offsetting inflows of $261.24 million.

Impact of Canary XRP ETF Launch
Thursday saw the launch of the Canary XRP ETF, the first pure-play 33 Act fund in the U.S. XRP’s price initially spiked to $2.52 ahead of the launch but later dropped to $2.27. The ETF, trading under the ticker XRPC, generated $26 million in trades within the first 30 minutes and $58 million on day one, surpassing all other ETFs launched this year, including the Solana Bitwise ETF. Some market participants may be selling XRP on spot exchanges to repurchase it through the ETF, which offers tax advantages under current U.S. rules.

Whale Activity
XRP has also seen heightened whale activity coinciding with the ETF launch and market selling pressure. Blockchain tracker Whale Alert reported several large transactions: 96,269,897 XRP ($222.8M), 96,137,559 XRP ($223M), and 55,000,000 XRP ($126.3M) moved between unknown wallets. Additionally, 96,152,284 XRP worth $223.3 million was transferred from an unknown wallet to Coinbase.

Current Price Trend
At the time of writing, XRP was attempting to recover previous losses, down 0.09% over the last 24 hours, trading at $2.26. Market watchers remain attentive to spot flows, whale activity, and ETF-related movements to gauge the next price direction.