Leading Asset Manager Bitwise Moves $15.4 Million of XRP Off Supply

Leading asset management firm Bitwise has sparked discussions following its consistent XRP purchases while XRP continues to show mixed price actions as momentum begins to fade.

Per recent data showcased by Whale Insider, Bitwise has extended its XRP buying streak after it bought a large amount of XRP worth $15.4 million.

XRP institutional demand skyrockets

The recent price breakout has sparked confidence across the XRP ecosystem, fueling rising demand among both retail and institutional investors.

The bullish momentum has extended to the XRP ETF market as all existing funds have continued to record steady daily inflows for the past two weeks.

Following this consistent capital injection in the XRP ETF market, Bitwise has continued to record growing demand for its XRP product from institutional investors.

Its latest XRP purchase has particularly drawn attention from market analysts as it has come when XRP has turned negative, reversing from its recent bullish performance.

XRP exits bullish zone

Despite the sustained demand from XRP institutional investors, it appears that momentum is fading as the asset has suspended its price rally, returning to red territory. 

Latest on-chain data shows that XRP has retreated to the $1.3 price level, showing a price decline of about 2% over the last 24 hours as speculative trading appears to be outweighing its demand.

Although XRP has slowed from its recent price surge, the asset still maintains the highest price gain for this month following several months of extreme volatility.