XRP rebounded from the recent lows but it’s still down by over 7% weekly.
The past week didn’t go well for the entire cryptocurrency market, with prices falling to local lows after BTC was rejected at $87,000 and dragged most altcoins with it.
The ETF flows were among the reasons behind the market-wide correction, as almost all exchange-traded funds tracking crypto assets were in the red. Almost all.
XRP ETFs Defy the Trend
We will discuss in detail the major outflows from the spot BTC and ETH ETFs in another article, but we will just mention the end results here: $681 million in net outflows from the former, and $542 million from the latter. The funds tracking SOL bled out as well, with nearly $25 million taken out.
And then there were the XRP ETFs. Not only were they not in the red last week, but they actually performed better than the previous five-day trading period. Although there were three (out of five) trading days with no reportable action, which obviously is not ideal, they still attracted $3.14 million on October 6 and $8.17 million on October 8, ending the week with $11.31 million in net inflows.
Once again, the cumulative total net inflows hit a new all-time high of $1.8 billion. The week wasn’t perfect, as mentioned above, but it still extended the green-only streak to 13 consecutive weeks. It started in mid-July, and the financial vehicles have attracted over $300 million since then.
Bitwise’s XRP ETF remains the undisputed market leader, with cumulative net inflows of almost $688 million. Franklin Templeton’s XRPZ follows with $509 million, while Canary Capital’s XRPC is third with $487 million.
XRP Still Suffers
The ETF demand for Ripple’s cross-border token failed to prevent a price crash. The entire market unraveled in the past week, especially on Thursday, and XRP joined the ride south. The asset traded above $1.51 on Monday and Tuesday as analysts outlined the next major targets above $1.60 if it managed to break past that level, but the reality was different.
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XRP was rejected immediately, and the market-wide pullback drove it south hard to $1.32 on Thursday evening. This became a three-week low for the token, which finally rebounded after this calamity and currently stands at $1.40. Despite this recovery, XRP is still 7% down weekly, and analysts are still bullish even if it falls to $1.20 next.
