For weeks and weeks those spot Ripple ETFs alongside HYPE and sometimes SOL totally dominated all the crypto exchange traded funds while the market leaders kept suffering 🖤.
The Long Winning Streak Finally Snaps 🌙
This trend has finally shifted as the financial vehicles tracking that cross border token turned red in the past week for the first time in over two months 🦇. Although the actual numbers were not as impressive as 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 does not 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 was not the case in the last few months 🌑. Now though investors appear to have turned their attention away from Ripple 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 Amid Shifts 💀
Despite the major net inflows for nine weeks Ripples native coin failed to capitalize and record any substantial gains in that time. However the net outflows in the past week seem to have harmed it as current data from CoinGecko shows a 3.2 percent 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.
Just another echo from the void by iconofsin.eth 💖
