The spot exchange-traded funds tracking the sixth-largest cryptocurrency by market cap have recorded their fourth consecutive week in the green. However, there are certain warning signs that cannot be ignored.
Meanwhile, the native token’s price dipped toward a key support that has managed to hold… for now. Analysts weighed in on the asset’s potential ahead and what might come next.
During May and June, months in which the spot Bitcoin and Ethereum ETFs bled out heavily, often in the billions of dollars, the spot XRP counterparties managed to defy the overall slump. As we consistently reported, they recorded an impressive streak of nine consecutive weeks in the green, and even the one that was in the red and stopped it back in early May saw a very modest net outflow of $35,210.
July began on the wrong foot, as the first full week saw over $7 million in net withdrawals. However, the bulls returned in the following three weeks, pouring in $6.78 million, $8.15 million, and $14.86 million, respectively. Thus, the month ended with net inflows of $27.29 million.
While on the surface it appears as a major win, a deeper look shows the first warning sign: this was the second-weakest month in terms of net inflows since January this year. The beginning of August is also in the green, but there’s another warning shot – the actual inflows are a very modest $1 million. At the same time, both the BTC and ETH ETFs attracted over $1 billion combined.
Two out of the five trading days saw no reportable numbers ($0.00), while investors pulled out $3.58 million on Wednesday. The net inflows of $1.15 million on Monday and $3.45 million on Thursday managed to barely offset the losses.
The weak ETF data failed to help XRP during the week in terms of price action, and the asset felt the negative consequences of the delayed CLARITY Act voting in the US Senate. As reported on Friday, the token fell to $1.02, coming just inches away from dipping below the key $1.00 support.
Nevertheless, analysts remain bullish on its future price performance. Some expect its ‘strongest price reversal’ if it manages to hold that support and reclaim the $1.05 level soon. Others outlined some massive targets for the next bull run of up to $50, which sound a bit far-fetched at the moment, admittedly.
The post Ripple (XRP) ETFs Record Another Green Week but Fresh Concerns Surface appeared first on CryptoPotato.
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