Xrp Sinks Below $2 Despite $1b In Etf Inflows: How Low Can Price Go?

XRP ETFs recorded inflows for 20 consecutive days, but its price lost key technical support levels, sparking fears of a drop to $1.40.

Spot XRP (XRP) exchange-traded funds have continued to attract investor interest, drawing in almost $1 billion in inflows since their launch. Unfortunately, this didn’t help the bulls hold the price above the psychological $2 support level.

Spot XRP ETFs saw inflows for 20 consecutive days, totalling $1.2 billion.

XRP price extended its downtrend, slipping below a key moving support level.

US-based spot XRP ETFs have recorded inflows for 20 consecutive days, underscoring institutional demand for the network’s native asset.

According to data from SoSoValue, XRP ETFs added $20.2 million on Friday, bringing cumulative inflows to $990.9 million and total assets to over $1.2 billion. The Franklin XRP ETF (XRPZ) led with $8.7 million in inflows on Friday, bringing its net assets to $175 million.

Related: XRP buy signal flashes as funding rate turns deeply negative: Will bulls step in?

Bitwise XRP ETF (XRP) and Canary XRP ETF (XRPC) were the only other products that recorded inflows on Dec. 12, while Grayscale XRP Trust ETF (GXRP) and 21shares XRP ETF (TOXR) did not see any flows.

Such a strong start for XRP ETFs reflected confidence among institutional investors. By comparison, spot Bitcoin (BTC) ETFs saw $49 million in inflows on the same day.

Spot Ether (ETH) ETFs posted $19.4 million in outflows, reducing their cumulative inflows to $13.1 billion. The funds also shed $42.3 million on Thursday.

Source: CoinTelegraph