Ripple Streak Resumes: What Happened to the Spot XRP ETFs Last Week?

And what has happened to the price of the underlying asset in the meantime?

On January 7, the longest streak of any cryptocurrency-focused ETF on Wall Street broke, marking the first day in the red for spot XRP funds after nearly two months of inflows. However, that has changed since then and green continues to dominate.

In this article, we look at what happened to the financial products over the past week and how the price of XRP responded.

ETF Green Streak back on track

CryptoPotato reported the end of the streak over the weekend, with more than $40 million withdrawn from XRP funds on January 7, just a day after the asset hit the $2.40 mark for the first time in months. However, the landscape changed by the end of that week, and the financial products effectively put an end to it, with net inflows of $38.07 million.

The past trading week was once again dominated by buyers. $15.04 million went into the fund on Monday, followed by $12.98 million on Tuesday, $10.63 million on Wednesday, $17.06 million on Thursday and a more modest $1.12 million on Friday, according to data from SoSoValue. Consequently, the all-green week ended with total net inflows of $56.84 million.

The market leader, Canary Capital’s XRPC, continues to lead the way, but the gap has narrowed. Cumulative inflows into XRPC amount to $397.04 million, while Bitwise’s XRP has risen to $310.48 million. Franklin Templeton’s XRPZ ($288.08 million) and Grayscale’s GXRP ($287.18 million) are next. 21Shares’ TOXR remains the only one in the red, with total net outflows of $7.77 million.

XRP price update

Despite these impressive figures and another week of net inflows only, the price of the underlying asset has failed to capitalize. XRP is trading down a small 1% since last Saturday and is well below $2.10 at the time of writing. Moreover, it lost the fourth position in terms of market capitalization to BNB, which is rising by more than 4% weekly.

Nevertheless, analysts remain optimistic, indicating that XRP’s rebound is just loading. Others have already made some stunning price predictions of $10 per token this month, but AI and common sense tell a different story.

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The positive news is that whales have returned, purchasing more than 50 million tokens in the past week, in stark contrast to their selloff that started in October, when they sold billions of coins in a few months.