XRP Funds Outperform Crypto ETF Market Amidst Broader Downturn
In a market where most cryptocurrency exchange-traded funds are experiencing significant losses, spot XRP funds have consistently bucked the trend, attracting substantial new capital. This resilience stands in contrast to the underlying asset, XRP, which continues to trade below key support levels, though it has managed to remain above the crucial $1.00 psychological mark.
Data compiled by SoSoValue reveals that XRP-tracking financial vehicles saw inflows of $7.44 million on Tuesday, followed by $1.19 million on Wednesday and $2.04 million on Friday. While Monday and Thursday registered no reported flows, the week concluded with over $10 million in net inflows. Notably, not a single day saw outflows, extending a positive streak that began on June 3, when the funds experienced a net outflow of $5.34 million.
Consequently, cumulative net inflows for spot XRP ETFs have reached an all-time high exceeding $1.44 billion. While these figures do not match the peak enthusiasm seen following the funds’ launch last November, they represent a significant achievement in a challenging environment for other ETFs.
In stark contrast, spot Bitcoin ETFs have endured a five-week losing streak, with investors withdrawing $315 million in the past week alone. Ethereum funds have faced a similar situation, with nearly $15 million pulled out despite a strong Monday performance. Even Solana ETFs have been in negative territory for two consecutive weeks.
While spot HYPE funds have maintained a positive inflow streak, their $5.87 million in net inflows this past week fell short of XRP’s performance.
Ripple’s native token, XRP, experienced a sharp decline to $1.05 on June 4-5 during a broader market crash. It came perilously close to falling below $1.00 for the first time in nearly two years but managed to hold the level. As of press time, XRP has recovered to $1.15.
However, analysts remain cautious about the token’s immediate future. Ali Martinez recently projected potential price bottoms for Bitcoin, Ethereum, and XRP, suggesting that XRP could fall to a new low between $0.70 and $0.90.
Despite these bearish forecasts, such a potential dip could present a significant buying opportunity. Both Martinez and EGRAG CRYPTO anticipate a substantial rebound, with projections pointing towards new peaks of $7.00-$8.00 or even higher.
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