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XRP price is up about 2.3% over the past 24 hours, but the bigger picture remains weak. The token is still down roughly 14% over the past month and about 8.5% over the last seven days.

That weakness stands out because it comes during six straight weeks of spot ETF inflows. On the surface, that looks bullish. In reality, the details explain why the price has stalled.

Six Weeks of ETF Inflows, but Momentum Is Cooling

Spot XRP ETFs have now recorded inflows for six consecutive weeks. The run began in mid-November and pushed cumulative net inflows above $1.01 billion.

The strongest demand came early. The week of November 14 saw $243.05 million in net inflows. That was followed by $179.60 million on November 21 and $243.95 million on November 28. Momentum peaked again in early December with $230.74 million during the December 5 week.

ETF Inflows: SoSo Value

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Since then, inflows have cooled sharply. The December 11 week dropped to $93.57 million, and the most recent week ending December 16 added just $19.44 million.

So while the table shows “six weeks of inflows,” the trend underneath is slowing. ETF demand is still positive, but it is no longer accelerating. That cooling helps explain why the XRP price has failed to follow earlier inflow strength higher.

On-Chain Signals Show a Split Between Holder Groups

If ETF demand were cooling but on-chain holders were stepping in aggressively, the price could still stabilize. That has not fully happened.

One concerning signal comes from the percent of XRP supply last active more than one year ago. That metric has jumped from 48.75% on December 2 to 51.00%, its highest level in about a month. When older coins start moving, it often means long-held supply is becoming active, which can add sell pressure even without panic.

XRP Supply Becomes Active: Glassnode

At the same time, another long-term holder group is behaving differently. The Hodler net position change metric for wallets holding XRP longer than 155 days shows selling pressure easing. Net outflows peaked around 216.86 million XRP on December 11, then declined to about 154.57 million XRP by December 16. That is a reduction of roughly 29% in net selling.

XRP Holders Selling Fewer Coins: Glassnode

This creates a mixed picture. Some long-term supply is waking up, which is bearish. But some of those holders are selling less, which has helped the XRP price avoid a sharp breakdown, yet. However, one theory could be that the coin movement has happened, and these holders are waiting to sell into price bounces.

Unless the Hodler net position change metric flips green (net buying), the XRP price bounces might not hold.

XRP Price Levels Decide Whether the Stall Turns Into a Drop

Price action reflects this balance. The XRP price is trading inside a falling wedge and remains stuck in the middle of its recent range.

For bulls, the level that matters is $2.28. A daily close above it would break the wedge and imply roughly a 19% upside from current levels, shifting momentum back toward buyers.

Downside risk remains more immediate. If XRP loses $1.74, the 0.618 Fibonacci level, the chart opens toward $1.59, with a deeper extension near $1.41 if broader market weakness continues.

XRP Price Analysis: TradingView

Right now, ETF inflows alone are not enough. With demand cooling and on-chain signals split, XRP price remains stuck between support holding and sellers slowly regaining control.

Bitcoin surged from approximately $91,000 to over $94,000 within just two hours in the US trading hours on Tuesday, a move that caught many traders off guard. While some celebrated the sudden rally, others are raising red flags—calling it a textbook case of market manipulation.

One of the most glaring concerns is the absence of any fundamental driver.

No Catalyst in Sight, Yet Millions Flowed in Within Minutes

Crypto trader Vivek Sen pointed out that there was no major news or announcements to justify the sudden price action. This lack of an identifiable catalyst has fueled speculation that the move was engineered rather than organic.

On-chain analysts quickly identified unusual trading patterns. According to DeFi researcher DeFiTracer, market maker Wintermute purchased $68 million in Bitcoin in a single hour during the spike. Another analyst, DefiWimar, claimed multiple major players, including Coinbase, BitMEX, and Binance, made substantial coordinated purchases, describing the activity as coordinated manipulation.

Veteran trader NoLimitGains offered a detailed breakdown of why the move appeared artificial. He noted several warning signs: thin order books that made it cheap to push prices higher, massive market buys clustered within minutes, and zero follow-through after the initial surge. He argued that real bull moves build structure while manipulated ones build traps.

Traders on Both Sides Liquidated—A Classic Sign of Liquidity Hunting

Perhaps the most compelling argument centers on what traders call “liquidity hunting.” It’s a strategy where large players deliberately push prices to trigger forced liquidations.

When traders open leveraged positions, they set liquidation prices where their positions automatically close if the market moves against them. These liquidation levels cluster at predictable price points, creating pools of “liquidity” that sophisticated players can target. By pushing Bitcoin’s price sharply upward, large players can trigger a cascade of short liquidations—forcing bearish traders to buy back their positions at unfavorable prices. This forced buying adds fuel to the rally, allowing the manipulators to sell into the artificially inflated demand.

Trader Orbion highlighted this dynamic, noting that the day saw $70 million in long liquidations followed by $61 million in short liquidations—with both sides getting wiped out within hours.

NoLimitGains warned that historically, such vertical spikes tend to retrace sharply. With funding rates spiking and open interest climbing rapidly, the warning signs were clear. He suggested the setup points to larger players positioning to sell into retail excitement.

Not Everyone Is Convinced It Was Manipulation

However, not all analysts share the manipulation thesis. On-chain analyst Darkfost pointed to US employment data released around the same time as a legitimate catalyst. JOLTS job openings for October came in at 7.67 million—well above the 7.0 million forecast—while ADP weekly employment figures flipped positive after weeks of decline.

He noted that Bitcoin gained roughly 4% immediately after the data dropped. With the FOMC meeting approaching and a rate cut widely expected, Darkfost argued the macro backdrop provided genuine tailwinds for risk assets, suggesting the rally may have been driven by fundamentals rather than foul play.

As of 11:30 UTC, Bitcoin had retreated from its highs and was trading around $92,500.