XRP has remained essentially at the same level as it was last week.
After ending March as the first red month since their inception, the spot XRP ETFs have started to regain investors’ attention, and they reached a major achievement at the end of the previous business week.
In the meantime, the underlying asset was rejected at $1.46 earlier this week and remains unable to capitalize on the returning demand for the ETFs.
Ripple ETFs See New ATH
The exchange-traded funds tracking the performance of the cross-border asset had a spectacular first month after the mid-November debut, quickly reaching the $1 billion mark. They didn’t see a single red day with more outflows than inflows for nearly two months, with January 7 finally breaking this impressive streak, which was the best in the crypto industry.
The tides turned in the following few months as the geopolitical uncertainty skyrocketed. Investors chose to stay on the sidelines or withdraw funds from the ETFs. March ended as the first month in the red, with more than $31 million pulled out, while there were multiple days with no reportable action.
However, the ceasefire between the US and Iran was the catalyst the ETFs needed, and the business week ending April 17 saw the single-highest net inflows in three months. The subsequent one was also in the green, with $15.74 million entering the funds.
Consequently, the spot XRP ETFs’ cumulative net inflows surged to $1.29 billion, according to data from SoSoValue, the highest level recorded to date. Investors have deployed $81.63 million in April alone into the funds, making it the best monthly performance since December.
XRP Remains Sideways
Despite the returning demand for the spot XRP ETFs, the cross-border token has failed to make a decisive and lasting major move. Its most impressive attempts have been linked to the US/Iran developments, but it was rejected at $1.60 and $1.46 most recently.
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Popular analyst Crypto Tony outlined the “boring few months” for XRP, which has remained between $1.20 and $1.60 for over 60 days now. Fellow market commentator Ali Martinez outlined a more bullish perspective for the token, which included a massive surge to $13 but only after it falls and bottoms at $0.90.
For now, XRP remains sideways at $1.43, showing a minor 0.2% move since this time last Sunday.
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