XRP Price Rises Despite Major ETF Withdrawals
XRP has seen a 4% increase in its price, reaching $1.40, even after significant ETF outflows were reported.
Ripple’s cross-border cryptocurrency, XRP, has made a notable rebound, rising by 4% to reach $1.40. This price increase is intriguing, particularly in light of the significant outflows from XRP ETFs that were reported yesterday, marking the worst day for ETF withdrawals since January.
Reasons Behind Today’s Price Surge
Last week, XRP faced rejection near the $1.50 mark as the overall cryptocurrency market experienced a downturn after the US and Israel’s military interventions in Iran. Following that, most altcoins, including XRP, fell to around $1.35, even dipping to $1.32 this past Sunday when Bitcoin dropped to $65,500.
However, XRP’s recent performance shows resilience. As of this moment, it is trading slightly over $1.45, a level not seen since last Friday. This uptick can be attributed to the general market recovery fueled by remarks from former President Trump, declaring that the conflict in Iran is nearly over:
“The war with Iran is very complete, pretty much.”
Ripple’s Progress
Additionally, Ripple’s official channel on platform X highlighted advancements in its payment infrastructure, announcing over $100 billion in processed transactions across more than 60 markets, and boasting 51 real-time payment solutions.
Key Achievements:
$100B+ processed.
60+ markets.
51 real-time rails.
RLUSD at $1B market cap in under a year.
These enhancements were illustrated with the company’s recent announcement.
Market Outlook
Analyst CW suggested that there is a gradual increase in long positions on XRP, hinting that investors may be positioning themselves for an upward trend.
Related Articles:
- Ripple Holders Alert: 60% of XRP Circulating Supply Currently Underwater
- Analyst Tells XRP Holders to Tune Out War Talk and Watch Key Price Levels
- Ripple ETFs Bleed Out Weekly as XRP Was Rejected at $1.45
In contrast to XRP’s promising rise, the spot XRP ETFs saw substantial withdrawals yesterday, with $18.11 million exiting the funds, the highest net outflow recorded since January 29. Last week ended poorly for these ETFs, and current net inflows have decreased to $1.22 billion from a peak of $1.26 billion.
