The price of XRP remains essentially unchanged from last week despite renewed investor interest in its spot ETFs. Those funds saw record-breaking inflows of $81.63 million in April, pushing cumulative net inflows to an all-time high of $1.29 billion. However, the cryptocurrency itself has failed to capitalize on this demand, continuing its sideways trading pattern.
Spot XRP exchange-traded funds have started to regain investors’ attention after ending March as their first red month since inception. They reached a major achievement at the end of the previous business week, with cumulative net inflows surging to $1.29 billion according to data from SoSoValue. Investors have deployed $81.63 million into the funds in April alone, making it the best monthly performance since December.
The funds had a spectacular first month after their mid-November debut, quickly reaching the $1 billion mark. They did not see a single red day for nearly two months, a streak that was the best in the crypto industry until January 7. March ended as the first month in the red, with more than $31 million pulled out amid geopolitical uncertainty. The ceasefire between the US and Iran acted as a catalyst, with the week ending April 17 seeing the single-highest net inflows in three months.
Despite the returning demand for the ETFs, the underlying asset has failed to make a decisive move. Its most impressive attempts have been linked to the US/Iran developments, but it was rejected at $1.60 and $1.46 most recently. Popular analyst Crypto Tony outlined the “boring few months” for XRP, which has remained between $1.20 and $1.60 for over 60 days now. Fellow market commentator Ali Martinez outlined a more bullish perspective for the token, which included a massive surge to $13 but only after it falls and bottoms at $0.90.
For now, XRP remains sideways at $1.43. It is showing a minor 0.2% move since this time last Sunday.
