Key Takeaways
- XRP price remains weak despite six weeks of spot ETF inflows, with a 14% decline over the past month and 8.5% drop over the last seven days.
- On-chain data suggests that the lack of price movement is due to a lack of demand and selling pressure from large investors.
- The XRP token’s price is up 2.3% over the past 24 hours, but the overall trend remains bearish.
XRP Price Fails to Gain Momentum Despite ETF Inflows
XRP price is up about 2.3% over the past 24 hours, but the bigger picture remains weak. The token is still down roughly 14% over the past month and about 8.5% over the last seven days. This weakness stands out because it comes during six straight weeks of spot ETF inflows. On the surface, that seems like a contradictory trend, as one would expect increased investment in XRP-based ETFs to drive up the token’s price.
On-Chain Data Reveals Lack of Demand
However, on-chain data tells a different story. Despite the inflows into spot ETFs, there is a lack of demand for XRP from large investors. This lack of demand, combined with selling pressure from these investors, is likely contributing to the token’s weak price performance. The data suggests that the inflows into ETFs are not being matched by corresponding buying pressure in the spot market, resulting in a lack of upward momentum for the XRP price.
Outlook for XRP Price
The XRP price’s failure to respond to six weeks of spot ETF inflows is a bearish sign. Unless there is a significant increase in demand from large investors, it is unlikely that the token’s price will experience a significant turnaround in the near future. Investors should exercise caution and keep a close eye on on-chain data and market trends before making any investment decisions.
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