XRP recorded a $10.63 million inflow in single-day spot ETF trading, bringing its total ETF holdings to $1.56 billion. Meanwhile, $7.41 million flowed out of spot exchanges, indicating that institutional investors are increasing their holdings and liquidity supply is tightening. Despite these demand signals, XRP's price remains constrained by the daily downtrend channel, with key resistance between $2.35 and $2.65. The Network Value to Transactions (NVT) ratio rose to 177.25, indicating that valuation growth is outpacing on-chain transaction volume, supporting a consolidation phase; at the same time, the funding rate decreased by 43.13%, reflecting adjustments in leveraged positions and a reduction in volatility risk.