XRP Crashes As Spot ETF Inflows Sink On Cooling Buying Appetite

XRP Crashes as Spot ETF Inflows Sink on Cooling Buying Appetite

Ripple (XRP) opened weak in the cryptocurrency market, with the token price hovering around $1.02 across crypto exchange data on Monday.

XRP risks falling below $1 as the price has been locked in the lower range, with a sharp decline in investors’ appetite suggesting upside potential is unlikely in the absence of a token-specific catalyst.

In the past week, the market price of XRP has been capped below $1.10 with successive failed attempts to break out from the great resistance wall.

Down by about 70% year to date, investors maintain a positive outlook for XRP, a sentiment bolstered by Ripple’s vision to lead cross-border payments drive and tokenisation.

While U.S. spot Bitcoin ETFs posted their strongest week since April, XRP spot exchange-traded fund (ETF) inflows dwindled to $1 million for the week ending 9 August.

This marks a 93% decline from the previous week, even as the token’s price defends the critical $1.00 support level.  According to SoSoValue data, during last week’s trading days, XRP spot ETFs had net inflows of $1.0127 million.

The XRP spot ETF with the largest net inflow last week was Canary ETF XRPC, with a weekly net inflow of $1.1467 million; XRPC’s cumulative historical net inflows are currently $468 million.