The price of XRP has experienced a notable recovery, attributed to significant inflows into newly launched spot XRP exchange-traded funds (ETFs). On November 24, these ETFs witnessed an impressive $164 million in net inflows, marking the second-largest single-day total since their inception.
Leading the charge was Grayscale’s GXRP ETF, which attracted $67.36 million in investments. Close behind was Franklin Templeton’s XRPZ, drawing in $62.59 million. This spike in inflows denotes the seventh consecutive day of positive movement for XRP ETFs, suggesting a sustained and growing interest from investors in this digital asset.
Another contributor to this surge is Canary’s XRP ETF, known as XRPC, which has already amassed a total of $306 million in investments since its recent launch on November 21. This performance places it at the 231st position globally among ETFs, further underlining the rising appeal of XRP.
Crypto analysts are observing these developments with optimism. Chad Steingraber, a noted expert in the field, drew parallels to the early days of Bitcoin ETFs. He commented that if XRP ETFs were to follow a similar trajectory, they could anticipate substantial inflows in the months ahead. Steingraber highlighted the potential for XRP ETFs to mirror Bitcoin’s growth pattern, suggesting the possibility of multiple billion-dollar inflows after several months based on current trends.
The momentum appears set to continue, as several additional XRP ETFs are reportedly on the verge of launching. 21Shares has recently secured SEC approval for its XRP ETF, which is expected to begin trading on the Cboe BZX Exchange shortly. CoinShares is also preparing for its debut on Nasdaq with its XRP ETF appearing on the DTCC platform.
These forthcoming launches are anticipated to contribute further to the rising enthusiasm surrounding XRP ETFs. With ongoing inflows and increasing market interest, the dynamics surrounding XRP could experience even more significant changes in the near future. This trend suggests a promising outlook for XRP as more investors enter the market, potentially leading to a robust shift in its valuation and position within the cryptocurrency landscape.
