And, what happened to the underlying asset’s price in the meantime?
January 7 broke the longest streak for any cryptocurrency-focused ETF on Wall Street, marking the first day in the red for the spot XRP funds after nearly two months of inflows. However, that has changed since then, and green continues to dominate.
In this article, we will review what happened to the financial products last week and how XRP’s price responded.
ETF Green Streak Back on Track
CryptoPotato reported last weekend about the end of the streak, which saw more than $40 million being pulled out of the XRP funds on January 7, just a day after the asset topped $2.40 for the first time in months. However, the landscape changed by the end of that week, and the financial products actually ended it in the green, with net inflows of $38.07 million.
The past trading week was dominated by the buyers once again. $15.04 million entered the funds 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, remains ahead, but the gap has narrowed. The cumulative inflows into XRPC stand at $397.04 million, while Bitwise’s XRP has climbed 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’s Price Update
Despite these impressive numbers and yet another week with only net inflows, the underlying asset’s price has failed to capitalize. XRP trades with a minor decline of 1% since last Saturday and is well below $2.10 as of press time. Moreover, it lost the fourth position in terms of market cap to BNB, which is up by more than 4% weekly.
Nevertheless, analysts remain bullish, indicating that XRP’s bounce is simply loading now. Others have outlined some mind-blowing price predictions of $10 per token as soon as 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 selling spree that began in October, when they disposed of billions of coins in a few months.
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