It has been another week of lackluster performance for XRP ETFs, with minimal actual net inflows recorded. Meanwhile, XRP’s price has struggled to maintain its recent upward trajectory and currently trades more than 10% lower.

What Happened to the Demand for Ripple ETFs?

Following the launch of Canary Capital’s XRPC on November 13, which initially saw an impressive trading volume, investor interest has seemingly diminished. Although the ETF attracted over $1 billion in inflows early on, recent weeks showed negative trends, including a withdrawal of $40.64 million on January 23 and $52.26 million the week after. With net inflows fluctuating, the overall interest appears to have dissipated.

Two weeks ago, the ETFs reported no daily flows, a first in their operational history. This pattern continued last week, signifying a drop in investor engagement.

On the other hand, despite being a national holiday this Monday with markets closed, XRP’s total net inflows have remained at $1.23 billion.

XRP Price Decline

Unexpectedly, XRP saw a notable spike last weekend, reaching a peak of over $1.65, despite the ETF inactivity. However, this increase was short-lived, with the price dropping to around $1.40 mid-week and even going lower.

As of now, XRP seems to have retained its support level, but the weekly decline remains significant at over 10%. Analysts report that bearish traders are dominating the XRP market environment.

Nonetheless, some believe XRP could be undervalued at this time, potentially paving the way for a price rebound akin to the impressive gains observed a year ago when significant losses prompted a 114% surge in the token’s value.