XRP exchange-traded fund (ETF) products recorded $0 netflow in the last 24 hours. This development marks a shift for XRP ETF in the crypto space after three consecutive days of sell-offs. SoSoValue data reveals that the daily total net inflow was zero.
XRP institutional selling pressure appears to ease
Notably, due to ongoing market-wide fluctuations, XRP has also been impacted, with the price refusing to climb. This likely led to a three-day streak of dumping by institutional investors. The action left market participants worried until the last 24 hours, when the bleeding stopped.
Although the XRP ETF did not register cumulative inflows, the $0 indicates that institutional holders are no longer dumping the coin as they previously did. This could be a result of an anticipated price reversal for the asset.
Generally, institutional and large holders have market insights not readily available to retail traders. Hence, there is a huge probability of a price rebound for XRP soon.
XRP has stagnated within a tight range of $1.37 and $1.41 in the last couple of days. As of this writing, XRP exchanges hands at $1.38, representing a 0.15% increase in the last 24 hours. The trading volume remains in the red zone, down by 21.87% at $2.34 billion.
Considering the heavy bleeding on the XRP ETF market, the coin has held up well enough. With $0 netflow, market participants might resume accumulation and push volume out of the red zone. This could act as a catalyst for a price rebound, ultimately.
Meanwhile, despite their slow performance on the market, Bloomberg’s Eric Balchunas has lauded the XRP ETF for their resilience. Balchunas noted that launching into a 45% drawdown and still staying relevant is a huge win for the asset class.
Can XRP price record rally?
As for XRP, the derivatives market indicates that bulls are dominant as market participants bet on higher prices.
However, the coin has not responded to this optimism but has continued its sideways movement. Some argue that XRP is consolidating, and it could witness a breakout anytime now.
XRP’s Bollinger Bands squeeze suggests that the coin’s volatility might trigger a price rebound to $2 if the bullish sentiment continues and volume recovers.
Source: https://u.today/0-xrp-etf-netflow-might-be-positive-for-price-rebound
