Ripple's XRP is currently priced at $1.13 as of July 23, 2026, marking a steep 69% decline from its January peak of $3.65. Yet, despite this pullback, large holders are actively increasing their stakes. Data from Santiment reveals that wallets holding between 100,000 and 100 million XRP have accumulated approximately 600 million coins over the past five weeks, equating to about $678 million at current prices. This boost represents a 2.8% uptick in their holdings, signaling confidence among major players even as prices remain subdued.

Trading activity shows XRP with a daily volume close to $980 million, according to CoinMarketCap. However, futures open interest has shrunk to $2.50 billion from $2.96 billion at the start of June, and derivatives volume plunged dramatically from $15 billion in February to under $2 billion now. On-chain developments add another layer: the XRP Ledger recently surpassed one million agentic transactions, and the launch of the XRPL Lending Protocol introduces new institutional credit capabilities to the network.

The regulatory landscape is a looming influence. The proposed CLARITY Act, closely watched by Ripple’s CEO Brad Garlinghouse, could shape XRP’s future. The Senate Republicans unveiled a revised draft on July 22, which controversially includes an ethics clause restricting the president’s authority to issue digital assets. Democrats have resisted this inclusion, preferring state attorneys general to enforce the clause. Markets currently assign a 39% to 43% chance of the bill passing before the August recess.

Investor demand for XRP ETFs remains mixed. On July 22, inflows dropped to zero, likely reflecting uncertainty around the bill’s progression. Still, net inflows for the year have exceeded $200 million despite the price decline. This cautious optimism aligns with technical indicators: XRP’s 4-hour chart shows a bull flag pattern with a target near $1.24 if it breaks above $1.16 resistance. Indicators like RSI at 55 and prices above the 50-day and 200-day EMAs suggest mild bullish momentum. Should XRP fall below $1.11, support could be tested near the $1.08 low recorded on July 20.

Meanwhile, major financial institutions like Standard Chartered remain bullish in the long term, maintaining an $8 target for 2026 and $28 by 2030, reflecting broader confidence despite short-term volatility.