Over the past day, XRP's price action has been somewhat indecisive—it slipped to around $2.04, down 2.72%, with trading volume at $3.2 billion, which is an 8% decrease from the previous day.

Interestingly, whales have been buying the dip. Crypto whales scooped up $1.3 billion worth of XRP against the trend, pulling the price back up from $2 and causing it to rebound by as much as 8%. Social sentiment indicators have dropped into the "fear zone," the lowest since October. Santiment noted that the last time sentiment was this negative, XRP surged 22% in the following three days.

Regulatory developments are also making waves: Bitnomial has submitted an application to the CFTC for an XRP/USD spot contract, which could go live on December 3. Ripple directly led a $25 million investment to support the initiative. Newly appointed SEC Chairman Paul Atkins stated, "Within two years, the entire US market will be on-chain," causing a stir in the market. Rumors of Caroline meeting with Trump, coupled with Gensler’s resignation, pushed the price up to $2.60 at one point.

US banks are also opening up—advisors can now directly recommend XRP ETFs to clients, with allocation ratios generally ranging from 1% to 4%.

On-chain activity is vibrant: a leading exchange saw a net inflow of 185 million XRP, Ripple transferred 210 million, another trading platform increased its holdings by 3.58 million, and new whale accounts (holding between 1 million and 20 million XRP) are emerging. This week, net inflows into XRP ETFs reached $289 million, bringing the total above the $1 billion mark.

However, profit-taking pressure is increasing, and there may be a short-term test of the $2 support level. Overall, volatility is set to intensify, but with institutions entering and regulatory policies loosening, there could be room for a rebound in 2026. Keep a close eye on the $2.10 resistance level, and don't overlook macro uncertainties.