XRP ETFs Beat BTC, ETH, and SOL Funds, but Ripple’s Price Still Struggles

XRP ETFs Beat BTC, ETH, and SOL Funds, but Ripple’s Price Still Struggles

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Despite the positive inflows, the price of XRP fell below $1.55 again before more volatility ensued.

During times of heightened uncertainty, rapidly evolving geopolitical situations and volatility within the US government, investors have shown a markedly different behavior towards spot crypto ETFs.

While those with exposure to the world’s largest cryptocurrency have consistently had money pulled out of them, the XRP alternatives actually outperformed their counterparts yesterday with strong daily net inflows.

XRP outperforms the competition

Data from SoSoValue shows that spot Bitcoin ETFs have been predominantly in the red in recent weeks. February 2 was a real exception: more than $560 million ended up in the fund. However, the previous business week saw a net outflow of more than $1.4 billion. February 3 was another painful trading day, with $272 million withdrawn.

Given the cryptocurrency’s recent price decline, ETF investors’ holdings have fallen below their average cost basis for accumulated BTC for the first time in 18 months.

However, the other crypto ETFs that track larger-capitalization altcoins were in the green. The spot Ethereum ETFs attracted $14.06 million; the SOL funds saw small net inflows of $1.24 million; and the XRP products outperformed the rest with a net profit of $19.46 million. In total, the Ripple ETFs saw more daily inflows than all other crypto funds combined yesterday.

In fact, this was the best day for the XRP ETFs since January 5, when net inflows reached $46.10 million. Cumulative net inflows into the Ripple funds amount to $1.20 billion, which is still slightly below the peak of $1.26 recorded before the January 29 crash.

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Discover the inflows of XRP ETFs. Source: SoSoValue

The volatility of XRP

Yesterday was another very eventful and volatile trading day in the cryptocurrency markets. Perhaps due to rising tension in the Middle East and the US government’s partial reopening, or ETF inflows and outflows, BTC fell to a yearly low of $73,000 before bouncing back to over $76,000 at the time of writing.

The altcoins experienced similar fluctuations. Interestingly, XRP fell to $1.53 and then rose to $1.63 before settling at $1.60 as of now. This means that the token is dropping by almost 17% weekly and 25% monthly. It was brutally rejected at the high of $2.40 reached on January 6, and has not produced any sustained recovery since.

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#XRP #ETFs #Beat #BTC #ETH #SOL #Funds #Ripples #Price #Struggles

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