During the last month of November, top asset managers launched their XRP ETFs for trading on Wall Street. Canary Capital’s XRPC dominated the show with most of the inflows. Other asset managers like Bitwise, Grayscale, and Franklin Templeton also introduced their Ripple ETFs in the market.
On December 1, spot XRP ETFs recorded $89.65 million in net inflows, pushing their cumulative total to $756.26 million since launch. This makes the Ripple funds the top-performing products across the digital asset ETF market.
The spot XRP ETFs have maintained a consistent streak of positive inflows, with no net outflow days recorded since Nov. 13. Their strongest sessions came on Nov. 14 with a record $243.05 million in net inflows, followed by $164.04 million on Nov. 24 and $118.15 million on Nov. 20.
In a recent development, the $11 trillion asset manager Vanguard noted that it would allow the spot XRP ETFs to trade on its platform. These ETFs will trade along with similar products for BTC and ETH. Moreover, they would be available for 50 different brokerage clients of Vanguard.
Will XRP Price Recover From Here?
Amid the broader crypto market correction, XRP price has also faced a strong sell-off and is down by 20% on the monthly chart. Currently, the XRP cryptocurrency is finding its support at $2.0 level.
Crypto analyst Lark Davis said XRP is nearing a major multi-year support confluence. According to Davis, the altcoin is currently sitting on long-standing horizontal support, the weekly 100-EMA, and a high-volume demand zone between $1.80 and $2.00.
$XRP is approaching a major multi-year support confluence
You've got: – Strong horizontal support dating back years – Weekly 100 EMA – High volume demand zone sitting right below ($1.80-$2)
A weekly close below $1.8 would, however, break this structure and confirm a large… pic.twitter.com/jHv8IbTUs0
Davis cautioned that a weekly close below $1.80 would break this structure. Such a move would shift market bias to bearish and potentially open the door to further downside.
On the other hand, market analyst EGRAG Crypto said an “insane” XRP breakout may be imminent. He hinted that the current chart structures suggest a major upside ahead.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.