XRP has experienced a dramatic increase in on-chain activity, with volume surging by over 637% following the SEC's approval of Grayscale's proposal to convert its Digital Large Cap Fund into a spot ETF. This development, which includes XRP alongside Bitcoin, Ethereum, Solana, and Cardano, has heightened investor interest and speculative positioning. Glassnode data reveals that XRP's funding rate has climbed to 0.0093%, the highest among major layer 1 cryptocurrencies, indicating a strong demand for long positions. Additionally, futures open interest has risen to $2.9 billion, reflecting market anticipation of further price gains. Despite a 34% decline in daily active addresses, typical of early accumulation phases, 80% of XRP's supply remains in profit, suggesting a potential strategic shift as the ETF narrative unfolds.