During a week of significant volatility for most exchange-traded funds (ETFs) tracking major digital assets, those following XRP’s performance remained positive. However, the underlying asset itself struggled to gain traction, even dipping to a multi-month low before a minor recovery.
ETF Inflows Amid Broader Market Downturn
Spot XRP ETFs experienced net inflows of just over $22 million during the previous week, extending a streak that began in May to three consecutive weeks. According to SoSoValue data, the last day with more outflows than inflows was April 30.
While $22 million is less substantial than some previous inflows for Ripple ETFs, it’s notable that this occurred during a week when Bitcoin and Ethereum ETFs faced significant outflows. Spot Bitcoin ETFs recorded their worst trading week since late January, with over $1.25 billion leaving the funds. Ethereum ETFs saw a net withdrawal of $216 million, slightly less than the previous week’s $255 million. Furthermore, ETH ETFs have not seen a single day in the green since May 8.
In contrast, ETFs tracking SOL gained over $15.5 million, while the two HYPE funds attracted over $72 million as the underlying asset outperformed and reached a new all-time high of just over $63.
XRP Price Stagnation
Despite the positive performance of the spot Ripple ETFs, XRP’s price failed to surpass $1.42. After being rejected at $1.55 the previous week, the token declined, starting the new business week at $1.42. It continued to fall with the broader market, culminating in a significant price drop yesterday to below $1.30.
This marked its lowest price in over a month and a half, representing a 15% loss in value since the May 17 surge to $1.55. However, it rebounded in the last 24 hours, likely due to positive developments regarding the US-Iran war, and is now trading near $1.35.
Technical Analysis and Outlook
Ali Martinez warned that XRP has broken out of its rising trend line within a symmetrical triangle on the daily chart. He predicted a further decline to around $1.14 if the token fails to reclaim the $1.40 level soon.
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