XRP's funding rate has dropped to -20%, indicating significant bearish pressure and a lack of demand in the market. The token has seen a 45% decline since July, with the fear and greed index remaining in fear territory. Open interest is currently at $2.8 billion, while network activity has decreased to a yearly low of $68 million. Institutional interest in XRP appears to be waning, as ETFs and stablecoin flows are moving towards other blockchain networks. This shift highlights the challenges XRP faces in regaining investor confidence and market stability.