XRP touched its lowest point in 15 weeks on June 1, sliding to about $1.30. The drop comes even as spot XRP ETFs continued to attract fresh capital and on-chain data showed large volumes of the token leaving exchanges — moves that typically signal bullish sentiment. But for now, selling pressure is overwhelming those signals.
ETF inflows don't buy on exchanges
Cumulative net inflows into spot XRP ETFs hit roughly $1.42 billion by late May. That sounds like a vote of confidence. But there's a catch: ETF inflows are indirect. They show capital entering regulated wrappers, not necessarily translating into aggressive buying on exchange order books. The gap shows up in volume data — XRP's 24-hour centralized exchange volume sits at about $1.62 billion, while DEX volume is just $1.4 million. Price formation is dominated by centralized venues, and those are where the selling is happening.
Exchange outflows vs. selling pressure
Late-May exchange-flow data painted a bullish picture: over 25 million XRP moved off exchanges after a prior inflow of 22.80 million XRP. In theory, that suggests holders are moving tokens to self-custody, reducing available supply. Yet the price kept declining. Something else is outweighing those withdrawals — maybe large-scale sell orders on centralized exchanges, or broader macro pressure on risk assets. Whatever the cause, the usual on-chain optimism isn't holding.
XRP remains a top-five crypto asset by market value — roughly $80.87 billion as of June 1. That's no small feat. But the disconnect between bullish signals and price action is getting harder to ignore. The market is waiting to see whether the ETF inflows eventually feed into exchange order books, or if further downside tests the $1.20 area. No one's calling a bottom yet, and the data doesn't offer a clear answer.
