XRP ETFs Underperform as XRP Price Surges 5% to Weekly Peak

XRP ETFs See Demand Plummet Amid Price Surge

Demand for spot XRP Exchange Traded Funds (ETFs) has fallen significantly from recent highs, with the funds experiencing zero net inflows over the past two days. This follows a period of net outflows, indicating a cooling investor appetite for the crypto-linked products.

Despite the lackluster ETF performance, the underlying XRP asset has staged a notable comeback, pushing past a key resistance level. This raises questions about the future trajectory of XRP.

Over the weekend, CryptoPotato reported the end of a three-month streak where XRP ETFs consistently saw positive weekly inflows. This trend reversed in the week ending October 16, with net outflows exceeding inflows by $1.84 million.

While this figure was relatively modest, the subsequent two business days have been equally uninspiring. Data from SoSoValue reveals no significant inflows on October 19 and 20. This continues a disappointing trend that began on October 15 with net withdrawals of $104,510, followed by another $2.47 million on October 16.

Consequently, XRP ETFs have now been in negative territory for a full week. This suggests that the recent surge in XRP’s price is not being driven by ETF activity. The digital asset jumped 5% in the last 24 hours to reach $1.37, marking a weekly peak. Since the weekend, when it dipped to $1.25 and popular analyst Ali Martinez suggested the bottom was in, XRP has gained nearly 10%.

The recent price appreciation has not gone unnoticed by other analysts. Dark Defender, for instance, has indicated a bullish outlook for XRP, suggesting the token has completed its macro Wave 2 formation and forecasting significant upside potential, with targets reaching as high as $10.

In a more recent analysis, Dark Defender confirmed the completion of the Wave 2 correction and stated that XRP is now heading towards the $1.44-$1.56 range, provided it maintains support at $1.29, a level it has so far held. The analyst further predicted that “double digits will be instant” once XRP reclaims the $1.56 resistance.

Meanwhile, fellow analyst CW has also joined the bullish sentiment, noting that XRP has reclaimed a crucial resistance level at $1.3464, signaling a return to a “bullish trend.”