XRP is currently trading near $1.40, marking an 8% decline over the past week and sitting 11% below its September 23 high. Despite this downward trend, data from Glassnode indicates that investors are not liquidating their positions. The exchange net position change metric showed a net outflow of 1.58 billion XRP as of October 8, suggesting that holders are maintaining their positions rather than moving assets to exchanges for sale.
Institutional interest remains resilient despite losses. According to SoSoValue, investors have poured $1.80 billion into spot XRP ETFs since their launch. As of October 8, the value of these holdings stood at $1.56 billion, representing a 13% unrealized loss. Specifically, Canary’s XRPC fund shows a 31% gap, with $335.7 million in assets against $486.8 million in total inflows.
Fund activity confirms this continued commitment. Since September 18, there has been only one day of net outflows, totaling $3.28 million on October 2. Conversely, on October 8, Franklin’s XRPZ fund recorded inflows of $8.17 million. While the pace of inflows has moderated since late September, the funds have added less than 100 million XRP over the last 30 days, indicating that the majority of exchange outflows are driven by other market participants.
Technical analysis highlights the importance of the $1.37 price level, which corresponds to the 0.618 Fibonacci retracement. XRP briefly dipped below this mark on October 8 before recovering. Analysts suggest that maintaining this support is critical for a potential rebound toward $1.48. Conversely, a daily close below $1.37, followed by a drop under $1.30, could trigger further selling pressure toward $1.20 or $0.92.
