For weeks and weeks, the spot Ripple ETFs, alongside HYPE and sometimes SOL, dominated all cryptocurrency-related exchange-traded funds, while the market leaders suffered.
However, this trend has finally changed as the financial vehicles tracking the performance of the cross-border token turned red in the past week for the first time in over two months.
Streak Broken
Although the actual numbers were not as impressive as they were back in October, November, and December last year when the XRP ETFs launched, they were still in the green for nine consecutive weeks. Moreover, the only week that broke that streak saw a minor $35.21K (not millions) in net outflows, so it doesn’t really count. Within this timeframe, the total net inflows rose from under $1.29 billion to a new all-time high of $1.49 billion as of July 2.
However, the tides finally turned in the past five business days. Interestingly, though, only one day was in the red, with $7.29 million leaving the funds on July 8. A minor $107.38K entered the funds on Friday, while the other three trading days saw no reportable action, according to SoSoValue data.
This is rather concerning as XRP has seen similar net inflow-free days in the past, but that wasn’t the case in the last few months. Now, though, investors appear to have turned their attention away from Ripple’s token and back to the market leaders. As reported yesterday, both the Bitcoin and Ethereum ETFs recorded their first green week in two months, with net inflows of almost $200 million and $84 million, respectively.
XRP Price Stalls
Despite the major net inflows for nine weeks, Ripple’s native coin failed to capitalize and record any substantial gains in that time. However, the net ouflows in the past week seem to have harmed it, as current data from CoinGecko shows a 3.2% decline over the past week.
XRP challenged the $1.15 resistance earlier this week, but it was halted there, and the subsequent rejection pushed it south to under $1.10. Although it has rebounded to that level now, the uncertainty continues as many analysts expect a major move ahead.
The direction, as usual, is unknown, but the overall belief within the crypto community is that XRP has reached a decision point and it could either head below $1.00 soon or rocket toward new local peaks.
The post The End of a Ripple Era: XRP ETFs Record First Red Week In Months appeared first on CryptoPotato.
