Ethereum Macro Prediction Shows What To Expect Next
Crypto expert warns Ethereum could plummet to $800 or $400.
NewsBTC1 min read
XRP ETF Demand Returns? Ripple Funds Hit 2-Month Inflow High
TL;DR
XRP ETFs experienced a significant uptick in inflows, reaching a two-month high after a period of no inflows. Analysts are cautiously optimistic about a potential breakout for XRP.
Key points
- XRP ETFs saw a significant uptick in inflows.
- The inflows reached a two-month high.
- XRP ETFs had their first month of outflows in March.
After weeks of diminishing inflows, which included multiple no-inflow days, the spot XRP ETFs finally saw a substantial uptick on Friday, marking a multi-month high.
The underlying asset has joined the market-wide rally, with a minor increase since last weekend, but some analysts remain hopeful of a more profound breakout.
XRP ETFs Finally in the Green
The funds tracking the performance of the popular cross-border token went into a violent spiral when March arrived. After two consecutive weeks of more outflows than inflows, it became the first month to end in the red since the ETFs’ inception in November last year. April began on the wrong foot again, with over $3.5 million in net inflows in the first week.
Moreover, there were numerous days when investors were apparently absent, with zero reportable data. The last two such examples were from the previous business week, on April 6 and 8, with SoSoValue showing a clear “$0.00” for both.
However, investors returned on Friday, recording a new inflow day of $9.09 million – the single-highest number since February 6, when the funds attracted over $15 million. The week also ended in the green, with $11.75 million in net inflows.
Nevertheless, these numbers are still far from the peaks recorded in November and December, a period in which the funds saw well over $1 billion in net inflows.
XRP Rebounds
The underlying asset has marked a minor 2.5% increase compared to last Saturday. It successfully defended the support levels at $1.32 and $1.30 and now sits close to $1.35.
Popular analyst CRYPTOWZRD weighed in on XRP’s closure yesterday, claiming that the bounce from the $1.32 support aligned with a potential bigger break against BTC could trigger a more substantial rally.
Crypto Tony also talked about XRP’s performance, but believes it could reverse the short-term bearish trend only after it reclaims the $1.39 level.
Reclaim $1.39 and we are good to go for a long and advance to higher targets. pic.twitter.com/eQCOuZboLO
Q&A
What caused the recent increase in XRP ETF inflows?
The recent increase in XRP ETF inflows is attributed to a market-wide rally and renewed investor interest after weeks of diminishing inflows.
How much were the net inflows for XRP ETFs in early April?
XRP ETFs recorded over $3.5 million in net inflows during the first week of April.
When did XRP ETFs last experience a month of outflows?
XRP ETFs experienced their first month of outflows in March, marking the first time since their inception in November last year.
