As of July 23, 2026, XRP is trading at $1.13, representing a 69% retracement from its record high of $3.65 reached in January 2026. Despite the substantial price pullback, large holders have been steadily increasing their positions.

According to on-chain analytics from Santiment, addresses holding between 100,000 and 100 million XRP added 600 million tokens—worth approximately $678 million at current market rates—over the five-week period ending July 22. This accumulation marks a 2.8% expansion in the cohort's aggregate holdings.

XRP's move back above $1.16 Tuesday looks very much justified based on recent wallet behavior. Whales & sharks holding 100K to 100M XRP have added +2.8% more coins to their bags in five weeks, showing whales and sharks are leaning in while the chart finally starts rewarding… pic.twitter.com/aFmRll4HKJ — Santiment Intelligence (@SantimentData) July 21, 2026

Daily trading volume stands at $980 million, according to CoinMarketCap. Futures open interest has contracted to $2.50 billion from $2.96 billion on June 1, based on Coinglass data. Derivatives market activity has also declined, falling from a February 2026 peak of $15 billion to the current $1.91 billion. The divergence between whale accumulation and lower derivatives activity is central to the current setup, as it separates longer-horizon wallet behavior from reduced leveraged market participation.

On the ecosystem front, the XRP Ledger processed over 1 million agentic transactions this month. The XRPL Lending Protocol also went live, bringing institutional-grade credit infrastructure to the network.

CLARITY Act Takes Center Stage

The CLARITY Act remains the most significant near-term catalyst for XRP. Ripple CEO Brad Garlinghouse has publicly urged lawmakers to pass the legislation before the August Congressional recess.

On July 22, Senate Republicans released revised bill language that includes an ethics clause prohibiting presidential issuance of digital assets. The amendment has not garnered Democratic support, and legislative debate continues over whether state attorneys general should oversee ethics enforcement.

Polymarket prediction markets currently place the probability of passage between 39% and 43%. For XRP, the vote matters because regulatory clarity has been a recurring variable for exchange access, institutional participation, and product approvals across the U.S. digital asset market.

XRP exchange-traded funds recorded zero net flows on July 22, a development that appears correlated with the legislative uncertainty. However, cumulative 2026 net inflows into XRP ETFs exceed $200 million, showing that regulated products have still attracted capital this year even as daily demand has paused.

Technical Outlook

Four-hour chart analysis shows XRP forming a bull flag pattern measuring 7.25% in height. A confirmed breakout above the $1.16 resistance level would project an upside target of $1.24.

The Relative Strength Index reads 55, indicating moderately bullish momentum. XRP is currently trading above both its 50-day exponential moving average ($1.11) and its 200-day exponential moving average ($1.12). On the downside, a breach of $1.11 support could push the token toward the July 20 low of $1.08.

Standard Chartered analysts have maintained their price forecast of $8 for XRP in 2026, extending to $28 by 2030. BlackRock CEO Larry Fink stated that recent market liquidations removed excessive leverage, adding that he has turned "very bullish" on the prospects for cryptocurrency price recovery.

XRP exchange-traded products have attracted more than $200 million in net inflows during 2026, continuing to draw capital despite sustained price declines.