XRP has remained in the spotlight for the past two weeks as ETF performance continues to stand out against Bitcoin and Ethereum.
According to the latest data showcased by SosoValue, XRP has recorded positive ETF flows this week, while Bitcoin and Ethereum saw weekly outflows.
XRP attracts $12.57 million in new capital
Despite the slow price movement seen this week, institutional investors appear to have remained resilient regarding the leading altcoin.
The data shows that XRP recorded steady influx of new capital on each day of the week, bringing its total weekly inflow to $12.57 million as of Friday, May 23.
Nonetheless, this was not the case for Bitcoin and Ethereum as they have both continued to bleed, recording steady withdrawals on all the days of the week.
You Might Also Like
As such, Bitcoin and Ethereum have posted another negative weekly flow, marking the second time XRP will outperform them in weekly ETF flows this month.
Per data showcased by the source, Bitcoin has recorded a total outflow of $1.15 billion this week, and Ethereum also saw $209.32 million in total outflows during the same period.
This positions XRP as the dominating cryptocurrency in the ETF market over the short term as institutional interest in the asset remains unwavering even amid the broader crypto market downturn.
XRP steadies at $1.36
XRP continued to trade far below the $1.40 mark all through the week as the broader crypto market saw sentiments turn bearish while traders took caution.
Nonetheless, it appears that the slowdown in XRP’s price performance had only impacted retail demand as institutional demand for the asset persisted but was mild.
However, market participants have remained optimistic for a potential breakout in the price of XRP.
Be the first to comment