- XRP ETFs note another weekly withdrawal
- XRP stalls around $1.31
XRP has continued to see weak performance across its ETF market with all existing funds recording little to no demand from institutional investors.
While the crypto market volatility fueling this negative performance has continued to persist, the XRP ETFs are yet to show any sign of recovery, recording multiple days of consistent withdrawals or flat ETF flows.
XRP ETFs note another weekly withdrawal
Although the funds have managed to sustain minimal demand from investors amid the rising uncertainty and have successfully recorded two straight weeks of positive flows, this weekly close has broken the positive trend.
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According to data from SoSoValue, the XRP ETFs have recorded a net capital withdrawal of $3.56 million over the last week, marking the first weekly outflow seen in April.
While momentum has been stronger in earlier weeks, with the XRP ETFs recording decent weekly inflows, $636,480 and $2,660,000, respectively, in the last two weeks, the negative performance seen this week suggests that selling pressure among institutional investors has intensified over the period.
Nonetheless, the poor performance has followed a week of sustained market volatility where XRP traded mostly in the red zone.
Although the Bitwise XRP ETF led the market with a decent fresh capital intake during their last daily trading session, this decent inflow from the fund could not offset the overall withdrawals seen across the market.
XRP stalls around $1.31
Over the period, XRP hovered mostly around the $1.31 price level, sparking fear and doubts among retail and institutional investors.
While XRP has continued to plunge deeper, showing no signs of a potential price rebound, the asset has declined by 0.88% over the last day, and it is trading at $1.30 as of writing time.
Source: https://u.today/xrp-breaks-positive-weekly-trend-with-356-million-in-withdrawals
