The non-outflow streak has extended to over three weeks now.
During a very turbulent and painful week for most exchange-traded funds tracking the largest digital assets, those following XRP’s performance continued to see only green.
At the same time, though, the underlying asset failed to break out and even dipped to a multi-month low before it posted a minor recovery today.
Ripple ETFs Defy the Trend
The previous business week saw notable net inflows for the spot XRP ETFs of just over $22 million. This extended the weekly streak that began in May, making them three in a row now. Moreover, the last single day of more outflows than inflows, according to SoSoValue data, was on April 30.
While $22 million doesn’t sound as impressive as some of the previous Ripple ETF inflows, it’s worth noting that it came during a week in which the funds tracking BTC and ETH bled out heavily. As reported yesterday, the spot Bitcoin ETFs recorded their worst trading week since late January, with over $1.25 billion leaving the funds.
The Ethereum ETFs saw a net withdrawal of $216 million, which was slightly less than the previous week’s $255 million. Moreover, the ETH ETFs haven’t seen a single day in the green since May 8.
In contrast, the ETFs tracking SOL gained over $15.5 million, while the two HYPE funds attracted over $72 million as the underlying asset outperformed and rocketed to a new all-time high of just over $63.
XRP Price Fails to Capitalize
While the spot Ripple ETFs saw only green in the past week, XRP’s price couldn’t go past $1.42. After last week’s rejection at $1.55, the token headed south immediately and began the new business week at $1.42. It continued its descent alongside the rest of the market and culminated yesterday with a massive price drop to under $1.30.
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This became its lowest price tag in over a month and a half, and meant that XRP had shed 15% of its value since the May 17 surge to $1.55. Nevertheless, it rebounded in the past 24 hours, most likely due to the positive developments on the US-Iran war front, and now sits close to $1.35.
Ali Martinez, though, warned that XRP has broken out of its rising trend line of a symmetrical triangle on the daily chart. He predicted another nosedive to around $1.14 if the token fails to reclaim the $1.40 level soon.
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