The funding feast of the XRP Spot ETF is unfolding, but looking at the price - firmly pinned around $1.90, as if nothing has happened.

The data is right in front of us: the recent wave of ETF inflows has already exceeded $1.2 billion. The enthusiasm of institutional investors is unprecedented, which should have driven prices up, but the reality is quite the opposite. Prices remain unchanged; what is actually happening behind this?

Key trends have emerged. Those holding between 100 million and 1 billion XRP in large wallets began to quietly accumulate during the price drop in mid-December. Now, the holdings of these whales have increased to 12.8%. In other words, the control of XRP is quietly changing hands—from retail investors to institutions and large whales.

What does the technical aspect say? The EMA line is held above, RSI is only 43, and MACD is still below the zero axis. These signals usually suggest that a bottom is forming, and selling pressure has clearly weakened. The price seems calm, but the strength beneath is building up—this is the feeling before the calm.

ETF funds are continuously pouring in, and whales are quietly increasing their holdings, while institutional control is on the rise. Although the price is still low, it is hard to say how long this situation can last.