XRP Price Rebounds with $164 Million in Spot ETF Inflows

TLDR

• The XRP price has increased following a recent downturn, driven by strong inflows into spot XRP ETFs.
• On November 24, spot XRP ETFs recorded $164 million in net inflows, the second-largest single-day total since launch.
• Grayscale’s GXRP ETF led the way with $67.36 million in investments, followed by Franklin Templeton’s XRPZ at $62.59 million.
• This marks the seventh consecutive day of inflows into XRP ETFs, signaling sustained investor interest.
• Canary’s XRP ETF, XRPC, has reached $306 million in total investments since its launch on November 21.

The XRP price has rebounded following a recent decline. This surge coincides with strong inflows into newly launched spot XRP ETFs. On November 24, these ETFs recorded $164 million in net inflows, marking the second-largest single-day total since their launch.

XRP Price Surges as ETFs Draw $164 Million

The newly launched spot XRP ETFs experienced substantial inflows on November 24. Grayscale’s GXRP ETF topped the list, drawing in $67.36 million. Franklin Templeton’s XRPZ followed closely, with $62.59 million in investments.

This marked the seventh consecutive day of inflows for XRP ETFs. The $164 million in net inflows is the second-largest single-day figure since the funds began trading. Analysts believe these inflows are a sign of growing investor interest in XRP as an asset.

The Canary XRP ETF, ranked 231st globally, attracted $84 million in assets, reflecting growing investor interest. Canary’s XRPC fund, launched earlier this month, has raised $306 million in total. Crypto analysts predict the fund will continue to see strong interest in the coming weeks.

Chad Steingraber, a crypto analyst, compared the current momentum to Bitcoin ETFs in their early days. “If XRP ETFs follow a similar trajectory, they could see massive inflows in the coming months,” Steingraber noted. He further suggested that XRP ETFs could replicate Bitcoin’s growth pattern, with multiple $1 billion inflows after several months.

More XRP ETFs Set to Launch

Several other XRP ETFs are set to launch in the coming days. 21Shares has received SEC approval for its XRP ETF, which will begin trading on the Cboe BZX Exchange shortly. CoinShares, meanwhile, is preparing for its Nasdaq debut, with its XRP ETF appearing on the DTCC platform.

These upcoming launches are expected to add to the growing interest in XRP ETFs. With inflows continuing to rise, the market could see even greater demand for XRP.

In conclusion, the XRP price is benefiting from the growing interest in spot XRP ETFs. As more funds launch and inflows continue, XRP’s market dynamics could change further.

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