The winds have changed in the cryptocurrency markets, and this is particularly evident in the exchange-traded funds tracking several assets, such as Ripple’s native token.
Although they were mostly in the green, the spot XRP ETFs struggled for months with little to no actual demand, especially in August. However, this changed for the better last week.
XRP ETFs See Local High
Monday began on a similar dull note for the funds, as SoSoValue shows $0.00 in actual flows. This continued a painful streak that began at the start of the month, in which seven out of the 11 trading days saw no action. However, investors returned on August 18, pouring $5.81 million into the funds. This was the biggest daily net inflow for the month.
Interestingly, the ETFs gained just $2.35 million on Wednesday, which was the day everything changed in the crypto markets. As reported extensively, the US Treasury Department announced a major monetary pivot, while Trump hosted a Crypto Summit in the White House, which were considered the main catalysts for the price revival.
Perhaps that’s why XRP was a little late to the party, but more on that in the second paragraph. The inflows picked up the pace on Thursday, at $13.24 million, and on Friday, at $18.38 million, the single-best day since May 14. Overall, the ETFs gained $39.78 million last week, which was the most since the one that ended on May 15.
The cumulative total net inflows hit a new all-time high of $1.55 billion, while Bitwise’s XRP fund extended its lead as the largest of the bunch. It holds $542.69 million in cumulative net inflows, followed by Canary Capital’s XRPC ($468.12 million) and Franklin’s XRPZ ($434.16 million).
XRP Price Pump
Although XRP didn’t quite explode alongside BTC and many other alts on Wednesday, once it did, it blew the roof off the place. After successfully defending the $1.00 support, the asset went on a wild run that pushed it to $1.70 by Saturday morning. This meant that it had skyrocketed by 70% in less than 72 hours.
However, it was rejected there and pushed south hard to $1.42. The bulls stepped up once again and helped it recover a lot of ground, as XRP currently trades at just over $1.50. Nevertheless, analysts are convinced that the token has to reclaim the $1.65-$1.70 resistance before it can change the broader trend.
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