On January 7th, the Spot XRP fund recorded its first day of losses after nearly two months of positive inflows, marking a notable end to its record streak as a Wall Street crypto-focused ETF. Yet, the situation has shifted, with a resurgence of green in the market.
This article reviews the previous week’s financial developments and how XRP’s value responded.
ETF’s Green Streak Returns
Over the weekend, crypto potato noted the conclusion of a period during which over $40 million was withdrawn from XRP funds on January 7, shortly after the asset exceeded $2.40 for the first time in months. However, by the end of the week, the financial product finished positively, reporting net inflows of $38.07 million.
Last week, buyers were once again in control. As per SoSoValue data, the fund saw $15.04 million enter on Monday, $12.98 million on Tuesday, $10.63 million on Wednesday, $17.06 million on Thursday, and a smaller $1.12 million on Friday. Consequently, the week wrapped up with a total net inflow of $56.84 million.
Leading the market, Canary Capital’s XRPC continues to outperform, though the margin has decreased. The total inflow for XRPC reached $397.04 million, while Bitwise’s XRP climbed to $310.48 million. Following that were Franklin Templeton’s XRPZ at $288.08 million and Grayscale’s GXRP at $287.18 million. Meanwhile, 21Shares’ TOXR is the only fund in the negative, with net outflows of $7.77 million.
XRP Price Update
Despite these strong inflow statistics, the underlying asset’s price hasn’t reflected the activity. Since last Saturday, XRP is down about 1% and currently sits below $2.10. Additionally, it has fallen to fifth place in market capitalization, overtaken by BNB, which increased over 4% in the past week.
That said, analysts maintain a bullish outlook, suggesting that XRP’s rebound may just be on the horizon. Some have even speculated a potential price of $10 per token as soon as this month, although AI and practical reasoning present a more cautious perspective.
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On a brighter note, whale activity has returned. In contrast to the sell-off that began last October, billions of coins have been traded over the last few months.
