- XRP recorded one of its strongest weekly ETF inflows at $245 million, but its price remains stagnant.
- Analysts note that more than $900 million has flowed into XRP ETFs since launch.
- Similar patterns seen in other assets like Solana offer hope that the price may rally eventually.
Over the last week, some top crypto assets have seen huge inflows, including XRP. However despite the massive inflows into the XRP exchange traded funds (ETFs), the price continues to struggle with no long-term respite.
XRP saw a massive $245 million in total inflow in the last week, making it the second-largest inflow asset after Bitcoin with $352 million. This makes it one of the best weeks for the token, but the price hasn’t reflected this positivity.
XRP Price Defies ETF Inflows
XRP has been trading sideways for a while as the crypto market continued to be indecisive. Prior to the approval of XRP ETFs, it was expected that the approval would lead to a surge in the price of the token as investors troop to it. Unfortunately, even the ETFs don’t seem to be influencing the price positively.
According to latest data, the ETFs have experienced a 15-day streak of inflows since their first launch on November 14. So far, over $900 million has entered the ETFs during this time and more is still on the way, but the price has remained stagnant. It has been trading just above the $2.00 price which is a key resistance and support level.
Meanwhile, analysts have made several bullish predictions about the token, some pointing to the launch of ETFs as a basis for their positivity about the token. One of the analysts predicted that XRP is about to repeat its 2017 parabolic move which happened to be a 30,000% rally that turned the price from $0.006 to $2.30 within the same year.
These predictions seem to be delayed as the price of XRP struggles to keep up with the pace of inflows, but it may not mean that the weakness will continue forever. While the price seems weak in its upward move, another analyst says all indicators point to a preparation towards an upward reversal, which means the inflows may translate into price action eventually.
XRP Pattern Seen in Solana
XRP’s pattern of huge inflows but unchanged price action is not new, as it has been observed in other crypto assets before. Solana for example had a long time of continuous inflows with no outflows, yet its price did not get better.
The coin had continuous inflows for seven straight days following its ETF launch, but the price continued to struggle. However, analysts remain optimistic that Solana price will rally eventually as the inflows serve as a coil, which means a similar future may hold for XRP.
More Must-Reads:
- XRP Winds Up for a Sharp Break – 16% in Play
- XRP Holders Panic as 40,000 Random Transactions Hit Network
- XRP Whales Just Nuked 460M Tokens
What do you think?
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