The first week of March saw significant outflows from spot XRP exchange-traded funds in the United States, marking their first negative week since late January. Analysis of financial data showed over $16 million exited the funds on Friday alone, the largest single-day withdrawal in over a month. Meanwhile, the price of XRP retreated after failing to hold above a key resistance level.
Spot Ripple (XRP) ETFs in the U.S. ended the first week of March with net outflows after a strong start. Friday saw $16.62 million leave the funds, the worst daily performance since January 29.
Consequently, the week finished with a $4.09 million net loss for these financial products. Total net inflows have now declined to $1.24 billion.
Data shows Canary Capital‘s XRPC remains the largest XRP-focused ETF. However, Bitwise‘s XRP fund has narrowed the gap to under $1 million in assets.
The price of XRP attempted a breakout earlier in the week, rising to $1.47. This move was halted as broader market momentum faded and ETF flows turned negative.
The asset now trades below a crucial support level identified by analysts. Popular analyst CryptoWZRD stated that holding above the $1.3820 resistance was key for a bullish outlook.
CryptoWZRD noted, “XRP closed indecisively. XRPBTC should play a major role soon.” The analyst’s focus remains on lower time frame movements.
Meanwhile, some vocal XRP bulls on social media continue to outline speculative price predictions. Cobb, for example, mentioned that a $4.00 price target for XRP doesn’t sound crazy.
