XRP sees $1.3 mln inflow amid Bitcoin’s exodus, What’s next?

By Todayq News
29 days ago

In the ongoing struggling cryptocurrency market, digital asset investment products saw a massive outflow for the second consecutive week, totaling $206 million, with trading volumes in ETPs (Exchange-Traded Products) dipping slightly to $18 billion. Besides this massive outflow, Ripple’s (XRP) experienced an inflow of $1.3 million, which is now gaining attention from investors.

Bitcoin trading volume dip

According to the latest report from

CoinShares, trading volumes for digital asset ETPs also slightly dipped, hitting $18 billion. These volumes made up 28% of total Bitcoin trading volumes, down from 55% a month ago. Bitcoin, despite being the dominant player, saw outflows of $192 million. Interestingly, short-Bitcoin products had only $0.3 million in outflows, showing limited investor interest in capitalizing on the negative sentiment.

However, the negative sentiment, particularly affecting U.S. ETFs with outflows of $244 million, impacted established ETFs the most. Conversely, newly issued ETFs continued to attract inflows, albeit at a slower pace than before. Ethereum marked its sixth consecutive week of outflows, totaling $34 million. However, multi-asset products saw improved sentiment, with inflows of $9 million last week. Notably, Litecoin and Chainlink also experienced positive inflows of $3.2 million and $1.7 million, respectively.

XRP trading volume stands out from other

Whereas, XRP’s $1.3 million inflows amidst the broader outflow trend hint at specific factors driving demand for the digital asset. One such factor could be the increasing adoption of Ripple’s technology solutions, especially its cross-border payment platform. Alongside the influx of funds, XRP’s price performance highlights its resilience and appeal to investors.

Following all these things, currently, XRP is trading near $0.53, and in the last 24 hours, it experienced a decent 1.3% upside momentum. If we look at the performance of XRP over a longer period, in the last 7 days, it experienced over 4% of upside momentum. Whereas, in the last 30 days, due to multiple reasons like U.S. CPI data and the conflict between Iran and Israel, it experienced over 13% downside momentum. 

At the time of writing, the overall cryptocurrency market is up by 1.5%, and the 24-hour trading volume has also increased by 5%, highlighting the investors’ interest in the market after the halving.

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