Mike Fay Says XRP Price Is Driven By ETFs, Not Network Usage

• Analyst Mike Fay says XRP price is driven by ETFs, not network usage.
• XRP Ledger activity and fees declined sharply in 2025 despite stablecoin growth.
• XRP ETFs attracted billions in inflows, helping sustain the token’s valuation.

XRP price is being supported mainly by exchange-traded funds and investor inflows rather than growth in network usage. That assessment comes from a recent analysis by Mike Fay, a contributor to Seeking Alpha.

ETF Demand Offsets Slowing Network Activity

Mike Fay’s analysis points to ETF demand as a major factor supporting XRP’s valuation. Notably, spot XRP ETFs launched in the U.S. in November 2025 and have since attracted billions of dollars in assets.

The Canary Capital fund was the first XRP ETF, launching on November 13. It currently ranks highest by assets under management (AUM), with $392.75 million. The Bitwise XRP ETF, w…

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