The performance of XRP at the beginning of the year is quite interesting. Funds flooded into ETFs, with a single-day net inflow of over $19.12 million, totaling $1.25 billion, which seems to be the standard script for annual trading. But then, WisdomTree suddenly withdrew their XRP ETF application. Their reason was regulatory clauses, aiming to restart the regulatory clock and avoid leaving a stain on their record. It sounds like a strategic retreat, but actually reveals something — institutions are not all on the same page. The interesting part is this: ETF funds are pouring in wildly, with a single-day net inflow of $19.12 million on January 6th, yet the price of the coin actually declined, returning to $2.25. Standard Chartered remains bullish, setting a target of $8 by August 2026, but the market doesn’t seem to buy it. The trend of spot and ETF prices is completely opposite, and institutional opinions are also divided. This tug-of-war will continue because the real game is still ahead.

Hyperliquid recently launched the XRP spot trading pair (FXRP/USDC), which is significant for perpetual DEXs—just the open interest alone is around $250 million. This means traders now have an additional hedging tool. From a technical perspective, XRP price has just broken out of a multi-month downtrend, which is a positive signal. However, the real key resistance level is at $2.70—currently, the price is still oscillating below it. The current situation is as follows: the price is repeatedly testing the $2.15-$2.20 range, which is a substantial support zone. If the daily chart can hold above this level and RSI stays above 50, then a breakout above $2.70 could be possible. After breaking through, the next technical target might be $3.00. But don’t get too excited—it's still crucial to see whether the price can increase volume and reclaim the $2.30-$2.50 range, as that would be a confirmation of bullish momentum.