XRP exchange-traded funds (ETFs) have recorded negative inflows in the last 24 hours as the coin’s price continues to plummet on the cryptocurrency market. Data from SoSoValue reveal there was a daily negative net inflow of $6.42 million within this time frame. This is despite Ripple’s collaborative gains this week.
Institutional outflows mount as XRP price extends 30-day losses
Notably, this massive outflow from XRP ETFs comes amid continued price slip and sell-off in the crypto space. In the last 30 days, XRP has lost over 36.5% of its value as the coin continues to struggle against bearish pressures.
The downward price movement has triggered a massive sell-off by investors, further compounding the outlook for market participants. The outflow from spot XRP ETFs signals that institutional investors are beginning to lose confidence in the coin and are looking to maximize their capital by rotating it to other assets.
If this trend continues, it could further threaten XRP’s stability and the $1 support level. As of press time, XRP exchanges hands at $1.36, representing a 1.01% decrease in the last 24 hours. The coin slipped from an intraday peak of $1.40 as selling pressure continued to mount on XRP.
XRP’s trading volume has also witnessed a significant decline, dropping by 14.81% to $2.68 billion within the same period. With the current technical weakness, market participants are monitoring price movement.
If XRP breaches the $1.30 psychological support, the sell-off could soar beyond its current levels to threaten the $1 level. However, if it is able to reclaim the $1.41 price, XRP might begin to see stability and could shake off the mounting bearish pressure.
Meanwhile, despite ongoing volatility concerns, Ripple CEO Brad Garlinghouse has reassured investors that XRP remains the firm’s “North Star.” He encouraged investors to take a broader look and see that the coin remains the best-performing major cryptocurrency since November 2024.
XRP’s short-term bearish pressure vs. long-term narrative
Market observers are surprised by XRP’s price slips, considering some bullish events that have occurred in the Ripple ecosystem in the last seven days.
For instance, Ripple Chief Legal Officer (CLO) Stuart Alderoty was confirmed as one of the attendees at a White House meeting meant to discuss a way forward on stalled crypto legislation.
Community members hailed the development as a potential signal for XRP and Ripple USD stablecoin (RLUSD).
Ripple has also engaged in different strategic collaborations with institutional investors such as Figment and Securosys. The deal is meant to simplify procurement and allow banks to deploy digital assets more efficiently.
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