What Happened to the XRP ETFs Last Week as Ripple’s Price Tumbled to $1.70?

The spot XRP ETFs had a spectacular initial couple of months, in which they attracted over $1 billion and were almost entirely in the green every trading day.

Although this streak was broken on January 7, the funds have seen all in all three trading days with more net outflows than inflows. However, one of those days was last week, and it was quite violent.

What Happened Last Week?

The first three trading days of the previous business week were quite modest but positive for the XRP Army. The five financial vehicles tracking the performance of Ripple’s cross-border token attracted $7.76 million on Monday, $9.16 million on Tuesday, and $6.95 million on Wednesday.

The tides turned on Thursday, though, when the entire cryptocurrency market bled out after the US Federal Reserve paused the interest rate cuts, and the POTUS dispatched some of its naval forces into the Middle East. XRP investors went hard on a withdrawal spree and pulled out $92.92 million out of the funds, according to data from SoSoValue.

Although Friday was more positive, with $16.79 million entering the funds, the week still ended in the red due to developments on Thursday. Overall, the ETFs lost $52.26 million during the week, making it the worst since the first XRP fund, Canary Capital’s XRPC, saw the light of day in mid-November.

The cumulative net inflows have declined from a $1.26 billion peak on Wednesday to $1.18 billion on Friday’s close.

XRP Price Slip

The aforementioned withdrawals from the ETFs alongside the overall crash in the broader market brought Ripple’s coin to its knees in the past week. XRP is down by over 11% since the previous weekend and dumped to $1.70 earlier this week, which became its lowest position since the early October meltdown when the token dipped below $1.60 on most exchanges.

Nevertheless, some analysts remain optimistic about an upcoming rebound. Ali Martinez, for instance, noted that the probability for such a comeback in the following days is quite high, as long as the asset remains above the current $1.70 support. Moreover, he justified his prediction with the TD Sequential, which has just flashed a buy signal.

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