Ripple (XRP) has experienced a 2% decline at press time on Monday, coinciding with a broader downturn in the cryptocurrency market, as investors exhibit a decreasing risk appetite. Recent on-chain data highlights that 1 billion XRP were unlocked from Ripple’s escrow wallets within the last 24 hours. Despite this substantial release, there has been a notable influx into XRP-focused Exchange Traded Funds (ETFs) over the past week, indicating sustained institutional interest.
Meanwhile, Bitcoin (BTC) is trading below $72,000 at press time, reflecting a broader bearish sentiment in the market. Recent filings from Strategy revealed that 32 BTC were sold in late May for approximately $2.5 million, funds that are reportedly slated to cover preferred stock dividends due on June 30.
As the cryptocurrency market grapples with these developments, prices have edged lower across the board. Bitcoin has slipped beneath the $73,000 mark, while Ethereum (ETH) has fallen below $2,000. Ripple sits at $1.30 after its afternoon drop. The trends reveal significant outflows from Bitcoin and Ethereum-focused ETFs, while XRP ETFs are attracting mild inflows, showcasing a potential shift in the focus of institutional investors.
