XRP ETFs record first red week in months

XRP products continue to operate differently than those following BTC and ETH.

For weeks and weeks, spot Ripple ETFs, alongside HYPE and sometimes SOL, dominated all cryptocurrency-related exchange-traded funds, while the market leaders suffered.

However, this trend has finally changed as financial vehicles that track the cross-border token’s performance turned red last week for the first time in over two months.

Broken series

Although the actual numbers have not been as impressive as they were in October, November and December of last year when the XRP ETFs launched, they are still in the green for nine consecutive weeks. Additionally, the one week that broke this streak saw minor net outflows of $35.21k (not millions), so it doesn’t really count. During this period, total net inflows rose from less than $1.29 billion to a new all-time high of $1.49 billion as of July 2.

However, the situation has finally reversed itself over the last five business days. Interestingly though, only one day was negative, with $7.29 million flowing out of funds on July 8th. A minor $107.38,000 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 days without net inflows in the past, but that was not the case over the past few months. Today, however, investors appear to have turned their attention away from Ripple’s token and towards the market leaders. As reported yesterday, the Bitcoin and Ethereum ETFs recorded their first green week in two months, with net inflows of nearly $200 million and $84 million, respectively.

XRP Prices Stagnate

Despite the significant net inflows for nine weeks, Ripple’s native coin failed to capitalize and record substantial gains during this period. However, last week’s net outflows appear to have hurt it, as current data from CoinGecko shows a 3.2% decline over the past week.

XRP challenged resistance at $1.15 earlier this week, but was stopped there and the subsequent rejection pushed it south to below $1.10. Although it has rebounded to this level now, uncertainty remains as many analysts expect major progress.

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The direction, as usual, is unknown, but the general belief within the crypto community is that XRP has reached a decision point and could soon drop below $1.00 or explode to new local highs.