The recent #xrp looks really 'boring', with prices not rising or falling, lingering around $1.90 for a long time, making it hard to generate any interest. However, it is during such times that unnoticed changes are more likely to occur. The capital for spot XRP #etf continues to flow in, with total assets exceeding $1.2 billion, and it's not a sudden spike on a particular day, but rather a gradual daily entry, indicating that institutions are more likely to be patiently accumulating rather than chasing high prices for sentiment. More interestingly, on-chain data shows that whales holding between 100 million and 1 billion XRP have significantly increased their positions after a pullback in mid-December, with their supply share returning to around 12.8%. This is not passive holding, but rather active positioning. Technically, XRP has not yet climbed above several EMAs, so the trend cannot be said to have reversed. However, the RSI is rising and selling pressure is weakening, indicating that fewer people are selling. The price hasn't moved much, but the chips are already changing hands. When institutions and whales enter the market simultaneously while market sentiment remains tepid, it often signifies that real change is quietly taking place. #加密市场观察