Core Insights - XRP is experiencing significant selling pressure, trading 7% down since the start of 2025, with a 6-month downtrend despite positive inflows into spot XRP ETFs [1] - The current market cycle risks ending a two-year bull run for XRP, which saw gains of 81% in 2023 and 238% in 2024, but is now showing negative returns [2] - High selling activity in Q4 led to a drop in investor confidence, with many XRP holders exiting positions at a loss, indicating a shift in investor behavior [3][4] Market Activity - The trading activity on the XRP Ledger has declined, with active transacting addresses falling to a monthly low of 34,005, suggesting reduced participation from both retail and institutional investors [5] - Despite the selling pressure, US-based spot XRP ETFs have recorded strong inflows, totaling $1.13 billion since their launch, with assets under management reaching approximately $1.25 billion [6] - Canary Capital's spot XRP ETF (XRPC) leads in net inflows, followed by offerings from Bitwise and Grayscale, indicating a rotation of institutional capital into XRP ETFs from Bitcoin and Ethereum [7]