XRP ETF products are now being increasingly noticed by investors, despite the continuous withdrawals of Bitcoin and Ethereum ETF funds. According to the recent ETF flows data, $7.44 million worth of net inflows was witnessed for Ripple’s XRP ETF products on June 9, pushing its total assets under management to $982.12 million.
This trend is occurring even as large crypto hedge funds are experiencing steady withdrawals. The net outflows from spot Bitcoin ETFs amounted to $77.44 million, while spot Ethereum ETFs saw outflows of $40.85 million, with Grayscale’s ETHE being the largest seller.
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XRP ETF Inflows Stay Strong as Crypto Funds Weaken
However, the trend for the XRP ETF has remained bullish for four consecutive weeks despite challenges faced by other crypto-based investment vehicles. As highlighted by the market observer at X Finance Bull, the XRP ETFs have been able to secure steady inflows of investments amid negative sentiments across most cryptocurrencies.
In the same period, funds linked to Bitcoin had losses exceeding $5 billion, while funds linked to Ethereum had outflows of above $800 million. Despite the fact that the inflows into the XRP ETF have slowed from previous peaks of $60 million, what really matters is the positive flow trend.
That means the investors have been gradually increasing their exposure to XRP using the ETFs, while decreasing exposure elsewhere in the markets.
Price Action Remains Weak Despite XRP ETF Demand
At press time, XRP is trading at $1.12 with a 24-hour trading volume of $2.73 billion and a market capitalization of $69.60 billion. According to CoinMarketCap, the XRP price decreased by 1.10% over the last 24 hours.
Source: CoinMarketCap
According to the MA Ribbon indicator, XRP is selling at $1.1228 and is lower than all its major moving averages, where the 20 SMA is at $1.2487, the 50 SMA is at $1.3462, the 100 SMA is at $1.3661, while the 200 SMA is at $1.5983.
Source: TradingView
The RSI value is currently at 30.07 with an average of 31.49, which indicates that the XRP price is getting closer to becoming oversold. Although it seems that the selling pressures have increased, there may be a possibility for a short-term rebound.
However, at present, the demand for the XRP ETF remains distinct from other assets like Bitcoin and Ethereum, which have seen weaker inflows into their respective funds. The critical point is whether inflows into the XRP ETF will eventually lead to an effective price bounce or not.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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