- XRP Spot ETFs reached the $1.4 billion milestone this month.
- Institutional investors show resilience in XRP ETFs despite dwindling crypto market conditions.
- Ongoing accumulation could boost XRP’s rally momentum in the future.
The XRP spot ETF reached a new milestone this month, pulling reactions from crypto community members, including the Ripple CEO, Brad Garlinghouse, whose response on X attracted attention.
XRP Spot ETFs’ Landmark Achievement
Garlinghouse’s latest post on X was wordless and simply expressive. He reacted to an original post by Bloomberg ETF Analyst James Seyffart, who highlighted XRP ETFs’ latest achievement. Seyffart’s post revealed that the asset category clocked a landmark $1.4 billion accumulation since launch.
According to Seyffart, that is an impressive display by XRP spot ETFs, considering the prevailing market conditions, particularly the massive pullback experienced by XRP’s price. Garlinghouse’s “bulging eyes” emoji reaction to Seyffart’s post suggests both acknowledgement and surprise at the ETF product’s impressive performance.
In the meantime, SosoValue’s data reveals that XRP Spot ETF’s cumulative total net inflow has experienced a slight pullback as of writing. It stood at $1.21 billion, while the total value traded was $8.89 million. Meanwhile, the products’ total net assets were $985.73 million, reflecting 1.16% of the cryptocurrency’s market cap.
XRP ETFs’ Potential Effect on the Altcoin
Notably, the growing demand for the XRP Spot ETF is contributing to the cryptocurrency’s resilience amid a massive bearish pressure in the cryptocurrency market. XRP has repeatedly rebounded from price declines, trading within a tight range since recovering from a notable crash in the first week of February.
The cryptocurrency’s current trajectory suggests ongoing accumulation and momentum build-up that could form the tailwind behind a potential rally when the crypto market recovers. The growth in XRP ETF inflow reflects the actions of institutional investors, who are showing a preference for the digital asset, particularly since the XRP spot ETF launched.
TradingView’s data shows that XRP traded for $1.38 at the time of writing, having pulled back from the crucial $1.45 resistance. Analysts expect the cryptocurrency to retest and potentially break above that price, boost its bullish momentum, and surge to higher targets amid growing institutional adoption.
Related: Goldman Sachs Leads Institutional Investment in Spot XRP ETFs
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Source: https://coinedition.com/ripple-ceo-reacted-to-the-xrp-etfs-impressive-milestone/
