The two new XRP exchange-traded funds (ETFs) are off to a strong start. On Monday, inflows reached nearly 80 million XRP tokens, valued at approximately $174 million (€150 million). The XRP funds have even outperformed the Solana ETFs. The strong inflows and institutional interest are fueling speculation that XRP may be on the verge of a bull market.
XRP ETFs Launch Strong #
On Monday, new XRP ETFs from Grayscale and Franklin Templeton launched. The launches proved highly successful, with inflows of €58 million and €54 million, respectively. Together, this amounted to nearly 80 million XRP tokens on Monday. Combined with the two previously launched XRP ETFs, a total of about €672 million has now been invested in various XRP ETFs, according to XRP Insights. The majority of this has been invested through the Canary (€286 million) and Bitwise (€146 million) ETFs. Additionally, another XRP ETF from 21Shares is expected to launch soon.
XRP Price Shows Signs of Recovery #
Inflows into the ETFs can support the XRP price, as the funds will need to buy more XRP to meet sustained demand. The strong demand from exchange investors appears to be fueling optimism. Among the top ten cryptocurrencies, XRP performed best over the past week with a 3.5% increase. Last Friday, the price briefly dipped to $1.88, but by Tuesday, XRP had already peaked at $2.25. Currently, the price is slightly below that at $2.19.
Positive Price Predictions #
Analysts are optimistic about the outlook. They point to several patterns that suggest a potential price explosion. Analyst Steph is Crypto compares current market conditions to the calm before the storm in 2017, at the start of the bull market. Crypto analyst Dark Defender also highlights the ‘cup & handle’ pattern forming on the yearly chart.
“XRP, Yearly Candles formed the CUP & Handle. The pattern is waiting for further Surge. Supports: $1.88, $2.10 Targets: $5.85, $18.22, $36.76”
Additionally, EGRAG Crypto anticipates a possible repeat of previous price movements. Using ‘fractals,’ he suggests a price rally could lead to a level between $10.69 and $11.46 per XRP. He notes that the setup seems ’too good to be true,’ but it is not a guarantee: “Fractals are not proof. But sometimes… they are the warning for the explosion.” However, much will depend on the overall sentiment in the crypto market, which has been under pressure for several weeks due to a declining Bitcoin price and broader economic developments.