Recently, XRP does seem a bit boring—its price has been hovering around $1.90, neither rising nor falling, which can easily make people feel like there's nothing to see. But this is precisely the Node that the market is most likely to overlook.

The capital flow reveals some clues. The funds for the spot XRP ETF have been continuously flowing in, accumulating to over $1.2 billion in assets. The key point is that this is not a rapid influx in one or two days, but rather a steady daily inflow of capital, which has a distinctive rhythm—typical of institutional style, clearly bottoming out rather than chasing trends.

On-chain data is more interesting. Whales holding between 100 million and 1 billion XRP have clearly started to accumulate after the pullback in mid-December, and their supply ratio has risen back to about 12.8%. This is not just passively lying down, but actively taking action.

The technical aspect doesn't seem to have improved much yet. Several EMAs have not all been surpassed, and the reversal signals are not obvious. However, the RSI has shown some recovery, and the selling pressure is clearly weakening, indicating that there are fewer people willing to sell off.

The price seems to be stable, but chips are quietly flowing. Institutions and whales are betting at the same time, while retail investors are still on the sidelines. This kind of mismatch often indicates that real changes are beginning to brew underground.