Key Notes
- XRP held the support at $2, rebounding to $2.14 at press time.
- The token crashed on January 8, facing its first ETF outflows since its debut.
- ETF recorded $8.72 million in inflows on January 8.
XRP
XRP
$2.13
24h volatility:
0.7%
Market cap:
$129.37 B
Vol. 24h:
$4.49 B
turned bullish on Jan. 9 after briefly falling to $2.07 the day before. At the time of writing, the cryptocurrency is trading near $2.14, up by around 14% over the past seven days.
The price drop on Jan. 8 happened when WisdomTree pulled its spot XRP ETF filing from the SEC. However, the selloff seems to be short-lived after the price tested the low $2 range.
Evernorth and Doppler Test Institutional XRP Use
On Jan. 9, Evernorth announced a strategic collaboration with Doppler Finance focused on institutional liquidity and treasury activity on the XRP Ledger. Evernorth is an XRP digital asset treasury firm backed by Ripple and SBI Holdings.
The collaboration is in an early testing phase. The two firms are reviewing ways institutions could deploy XRP capital using on-chain systems. Areas under review include structured liquidity models, treasury management flows, and infrastructure needs that could support long-term use of the ledger.
The announcement made clear that no products are being launched yet. The work is focused on testing systems and reviewing how XRP could be used at scale by institutions managing large balances.
This follows reports from Jan. 8 that Ripple is in talks with Amazon Web Services about using Amazon Bedrock to support XRP Ledger operations. If implemented, this could help Ripple manage system load and data flow as usage grows.
ETF Flows Stay Positive Despite Brief Shock
Despite the Jan. 8 price dip, selling pressure eased quickly as XRP-related funds continue to show steady demand. Since launch, these products have recorded net outflows only once, on Jan. 7. Total net inflows stand at $1.21 billion.
On Jan. 8 alone, XRP spot ETFs recorded a net inflow of $8.72M. Asset management firm Bitwise’s product led with a whopping $4.5 million in inflows alongside Grayscale’s GXRP, which raked in $2.89 million.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/xrp-comeback-jan-8-drop-treasury-firm-xrpl/
