And what happened to the price of the underlying asset during that time?
January 7th was the first day in the red for the Spot XRP fund after almost two months of inflows, breaking the record for the longest running streak for a Wall Street crypto-focused ETF. However, things have changed since then, and green continues to dominate.
In this article, we look back at what happened to financial instruments last week and how the price of XRP reacted.
ETF Green Streak is back on track
Over the weekend, CryptoPotato reported on the end of the streak where more than $40 million was withdrawn from the XRP fund on January 7, just one day after the asset surpassed $2.40 for the first time in months. However, by the end of the week, things had changed and the financial product actually ended in the black with net inflows of $38.07 million.
Last week’s trading was once again dominated by buyers. According to SoSoValue data, $15.04 million flowed into the fund 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. As a result, All Green Week ended with a total net inflow of $56.84 million.
Market leader Canary Capital’s XRPC continues to lead, but the gap has narrowed. The cumulative inflow into XRPC reached $397.04 million, and Bitwise’s XRP rose to $310.48 million. Next is Franklin Templeton’s XRPZ ($288.08 million) and Grayscale’s GXRP ($287.18 million). 21Shares’ TOXR remains the only company in the red, with net outflows of $7.77 million.
XRP price update
Despite these impressive numbers, and another week of only net inflows, the price of the underlying asset remains underutilized. XRP has been trading down a modest 1% since last Saturday and is well below $2.10 at the time of writing. Additionally, it lost the fourth place in terms of market capitalization to BNB, which rose more than 4% in the week.
Nevertheless, analysts remain bullish, indicating that XRP’s bounce is currently merely loading. Some people have come up with amazing price predictions of $10 per token as early as this month, but AI and common sense tell a different story.
You may also like:
The good news is that the whales are back and have purchased over 50 million tokens in the past week. In contrast to the whale sell-off that began in October, billions of coins were disposed of in a matter of months.
Secret partnership bonus for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange benefits (for a limited time only).
