"XRP spot ETFs pulled in money every trading day from April 10 through April 29, achieving a 20-day inflow streak. The largest inflow occurred on April 15, totaling $17.11 million, while most days saw inflows between $1 and $5 million, contributing to XRP's price stability."
"The funds experienced $5.83 million in outflows on April 30, ending the inflow streak. 21Shares' TOXR has been responsible for most outflows this year, including the April 30 outflow, which coincided with XRP's price drop below $1.40."
"Daily inflows of $5 to $17 million may seem small in a market trading over $1.5 billion daily, but they were significant enough to maintain the $1.40 support level for XRP, absorbing selling pressure from holders who bought near $1.44."
XRP price fell to $1.38 after losing the crucial $1.40 support level, coinciding with the cessation of ETF inflows since April 29. The XRP spot ETFs experienced a 20-day inflow streak, peaking at $17.11 million on April 15. However, this streak ended with $5.83 million in outflows on April 30, primarily attributed to 21Shares' TOXR. The absence of ETF buying has led to a decline in XRP's price, indicating a direct correlation between ETF inflows and price stability.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]