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The ETFs recorded their worst outflow day since late January.
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Summarize with AI
Summarize with AI
Ripple’s cross-border token has joined the overall market resurgence over the past day, jumping by 4% and touching $1.40.
What’s particularly interesting about this pump today is that it comes despite the substantial outflow from the spot XRP ETFs yesterday.
Why Is XRP Up Today?
XRP was rejected at nearly $1.50 last week when the entire crypto market rebounded after the US and Israel launched attacks against Iran. Alongside most altcoins and the market leader, XRP dumped to $1.35 in the following days and even slipped to $1.32 on Sunday when BTC dropped to $65,500.
It reacted well to the latest correction and went on the offensive, especially in the past 12 hours or so. As of now, the token trades at just over $1.45 for the first time since last Friday. Perhaps a large portion of this jump today could be attributed to the aforementioned market-wide revival propelled by Trump’s remarks yesterday evening that the war with Iran is “very complete, pretty much.”
Separately, today’s gains come just shortly after Ripple’s official channel on X outlined some of the major advancements in the Ripple Payments infrastructure, including over $100 billion in transactions, reaching more than 60 markets, and having 51 real-time rails.
What’s Next?
Analyst CW weighed in on XRP’s price performance, noting that long positions continue to “increase gradually,” adding that investors are “quietly preparing for a rise.”
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Fellow analyst CryptoWZRD explained that the asset had closed the previous daily candle indecisively, and added that Ripple’s coin needs “more positive sentiment from XRPBTC, which will help the move.”
They said that positive territory would be visible once XRP reclaims the $1.4230 level; otherwise, it could face another price drop.
XRP ETFs Bleed Again
In contrast to the notable 4% gains charted today, the spot XRP ETFs have continued to see substantial withdrawals. Data from SoSoValue shows that investors pulled out a total of $18.11 million from the funds yesterday, the highest single-day net outflow since January 29.
Last week also ended in the red, although it began on a strong note and the ETFs had recorded a 7-day green streak, which was broken on March 5. As of now, the cumulative net inflows have dropped to $1.22 billion from a recent peak of $1.26 billion.
XRP ETF Flows. Source: SoSoValueBinance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
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Source: https://cryptopotato.com/why-is-xrps-price-up-today-despite-another-massive-etf-withdrawal/
