Is the Ripple ETF Hype Over? Inflows Disappoint as XRP Fights for .40

Is the Ripple ETF Hype Over? Inflows Disappoint as XRP Fights for $1.40

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XRP saw intense volatility on Saturday, but it had nothing to do with the ETFs.

Although they have ended the disappointing streak of zero inflow days, the spot XRP ETFs are still far from their original glory in terms of net inflows.

At the same time, the underlying asset continues to battle with BNB for the fourth spot in the cryptocurrency market capitalization rankings, but is inches below a crucial resistance.

Ripple ETF inflows still missing

CryptoPotato has repeatedly reported on the declining activity on the XRP ETF front. Financial institutions saw net inflows of less than $8 million during the trading week ending February 13, and less than $2 million the following week. Furthermore, it experienced three days without inflows during this period, a streak that extended until February 23.

However, investors finally picked up the pace over the next four trading days, albeit in a very modest way. Net inflows were $3.04 million on Tuesday, $3.09 million on Wednesday, $1.22 million on Thursday and $2.21 million on Friday. Overall, the week ended in the green, with $9.55 million flowing into the funds.

This modest amount is in stark contrast to the initial boom. After the first XRP-focused ETF went live for trading in mid-November, investors rushed to pour money into it, as well as the four other similar products that followed. As a result, cumulative net inflows skyrocketed to the $1 billion mark within a month since Canary Capital’s XRPC was born.

However, since then the trend has seemingly changed. Total net inflows now stand at $1.24 billion, meaning only $240 million has flowed into the funds in just over two months.

XRP fights BNB

Saturday was an eventful day on the crypto markets due to the attacks on Iran and subsequent retaliation. XRP was not immune as it fell from $1.43 to $1.27 before returning to its starting point following reports that Iran’s Supreme Leader was killed in the attacks.

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Popular crypto analyst CryptoWZRD noted that the asset closed with a “dragonfly doji candle and respected the daily support at $1.30.” They believe that XRP can only continue higher if it manages to close above $1.3820 weekly. At the time of writing, the asset is trading inches below that line. However, it has regained its fourth place in terms of market capitalization from BNB after a quick turnaround on Saturday.

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#Ripple #ETF #Hype #Inflows #Disappoint #XRP #Fights

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