cryptocurrency

Is Ripple ETF Hype Over? Inflows Diappoint as XRP Fights at $1.40

XRP went through a lot of volatility on Saturday, but it had nothing to do with ETFs.

Although they have ended the sad zero-inflow-day streak, the XRP ETFs space is still far from its prime in terms of total inflows.

At the same time, the basic asset continues to fight with BNB for the fourth place in the list of the cryptocurrency market, but it sits inches below the key resistance.

Ripple ETF Inflows Still Missing

CryptoPotato has reported several times about the decline in activity in the XRP ETF before. Financial vehicles saw less than $8 million in revenue during the trading week ending February 13, and less than $2 million in the following. In addition, there were three days without entry during this period, a streak that extended to February 23.

However, investors finally picked up the pace over the next four trading days, albeit in a more modest fashion. Total revenue stands at $3.04 million on Tuesday, $3.09 million on Wednesday, $1.22 million on Thursday, and $2.21 million on Friday. Overall, the week ended in the green, with $9.55 million in funds.

This small amount is very different from the first boom. After the first XRP-focused ETF went live for trading in mid-November, investors rushed to pour funds into it and the four other products that followed. Therefore, the cumulative income rose to the 1 billion mark within a month since Canary Capital’s XRPC saw the light of day.

However, since then, the trend seems to have changed. Total revenue stands at $1.24 billion now, which means only $240 million has come in over two months.

XRP Fights BNB

Saturday was an eventful day for crypto markets due to the strikes against Iran and subsequent retaliation. XRP was not immune as it dropped from $1.43 to $1.27 before recovering to its starting point after reports that Iran’s Supreme Leader was killed in the attack.

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Popular crypto analyst CryptoWZRD noted that the stock closed with a “dragonfly doji candle and respected the daily support of $1.30.” They believe that XRP can only continue higher if it can close weekly above $1.3820. As of press time, the stock is trading inches below that line. However, it has regained its fourth place in terms of market capitalization from BNB after a quick turnaround on Saturday.

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