Record user activity and a collapse in whale selling should send XRP soaring, so why is it still pinned at $1?

XRP is back near $1 even as network activity rebounds, whale deposits to Binance collapse, and derivatives exposure builds near recent lows.The token fell to about $0.98 this week before recovering toward $1, according to CryptoSlate data, extending a retreat that has erased much of its May rally. Crowd commentary around XRP simultaneously reached its most bearish level in three months across X, Reddit, Telegram, and other crypto channels tracked by Santiment.Beneath that price weakness, several parts of the market have strengthened. More addresses are using the XRP Ledger (XRPL), large holders are moving less XRP onto Binance, and traders are adding leveraged exposure.Yet, fresh investment demand has moved in the opposite direction, while growth in parts of XRPL's user base has outpaced the capital and transaction value accompanying it.XRPL participation broadens as capital depth lagsXRPL activity has returned to its May peak even though XRP is trading roughly 35% below the price reached during that earlier surge.The network logged 49,929 active addresses during a 24-hour period this week, its highest level in more than two months and about 3% above the 48,453 recorded when XRP tr...