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XRP is the top performer from the larger-cap alts today.
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Summarize with AI
Summarize with AI
Ripple’s native token has taken the main stage today, with an impressive surge that drove it to almost $2.30 for the first time in about a week.
Despite this rally, which came on the heels of new XRP ETFs hitting the US markets, there are certain warning signs from whales again.
XRP Jumps to Weekly High
The cross-border token experienced a substantial correction last week alongside the rest of the crypto market, plunging from over $2.50 to under $1.85 in the span of just ten days. However, the bulls finally intercepted the move after that multi-month low and helped it recover to over $2.00 in the next few days.
The asset kept climbing in the past 24 hours, surging to almost $2.30 earlier today, which became a weekly high. The most evident reason behind this impressive rally is the launch of spot XRP ETFs in the United States, including the two that went live for trading on the New York Stock Exchange yesterday.
The net inflows were quite impressive for the group of XRP ETFs, which has now risen to four such financial vehicles, with more than $164 million. Grayscale’s product debuted with $67.36 million, while Franklin Templeton’s ETF saw $62.59 million on its first day. Yesterday was the XRP ETFs’ second-best day for net inflows, behind only Canary’s launch on November 14.
The price performance of the underlying asset now is in stark contrast to previous launches from Bitwise and Canary Capital, as both those product releases were followed by immediate corrections.
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Whales Keep Selling, Though
Aside from today’s impressive surge of 7%, Ripple’s token jumped by nearly 20% in the span of just three days. The new ETFs on US soil should also be regarded as a bullish development for XRP investors, but whales have continued their recent selling spree.
Data from Ali Martinez shows that these large market participants have offloaded another batch of more than 180 million tokens. Such moves increase the immediate selling pressure on the asset, but could also serve as an example to smaller investors, who might decide to panic-sell.
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Source: https://cryptopotato.com/why-is-ripples-xrp-price-up-today-and-can-the-momentum-last/
