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.
The next was Franklin Templeton ETF XRPZ, with a weekly net inflow of $561.6 thousand; XRP’s cumulative historical net inflows are currently $427 million.
