Summary
- SoSoValue said the U.S. XRP (XRP) spot exchange-traded fund (ETF) recorded 22 consecutive trading days of net inflows, and cumulative net inflows exceeded $1 billion.
- The XRP spot ETF's total net assets were $1.16 billion, approaching $1.2 billion, but the XRP token price reportedly fell nearly 16% over the past month.
- Cointelegraph reported that XRP futures buy volume on Binance decreased by nearly 96%, weakening buying pressure across the altcoin market.
The U.S. XRP (XRP) spot exchange-traded fund (ETF) has been drawing institutional funds and continuing its streak of net inflows. Meanwhile, the XRP token price has remained weak.
On the 17th (local time), cryptocurrency data analytics firm SoSoValue said the U.S. XRP spot ETF recorded 22 consecutive trading days of net inflows as of that date. Since its launch on the 14th of last month, the XRP spot ETF has not experienced any net outflows.
Cumulative net inflows have surpassed $1 billion. According to SoSoValue, cumulative net inflows into the XRP spot ETF stood at $1.01 billion (about 1.5 trillion won) as of that date. Total net assets were about $1.16 billion (about 1.7 trillion won), approaching $1.2 billion.
Despite the ETF's strong performance, the XRP price has struggled. According to CoinMarketCap, XRP was trading at $1.9 as of that date, down nearly 16% over the past month. The price fell despite the launch of a spot ETF, which usually acts as bullish news for token prices.
The short-term outlook is not bright. Cointelegraph reported, "XRP futures buy volume on Binance peaked at over $5.8 billion in July but then plunged to about $250 million, falling by nearly 96%," and added, "This sharp drop shows that buying pressure across the altcoin market has contracted sharply."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
