XRP Price News: ETFs Hit 13-Day Streak of Positive Net Inflows – Is XRP About to Explode?

Wall Street’s appetite for XRP (XRP) seems to be strong as exchange-traded funds (ETFs) linked to this token have posted positive net inflows for 13 days in a row.

Data from SoSo Value indicates that the combined assets held in these vehicles recently reached a record of $900 million, underscoring the market’s growing interest in the native asset of the XRP Ledger.

XRP ETFs Net Inflows – Source: SoSo Value

Canary Capital’s XRP ETF (XRPC) is the largest fund with $357 million in assets, followed by Grayscale’s GXRP, whose assets under management currently sit at $209 million. Surprisingly, Canary’s sponsor fee is higher than the latter’s.

This steady increase in XRP’s ETF holdings may have cushioned the impact of the latest downtrend, and could have helped the token bounce back from its recent low $1.81.

RLUSD Market Cap Reaches $1BN as Adoption in the EMEA Region Accelerates

Ripple recently secured an expanded license to operate as a digital payments provider in Abu Dhabi, as the project continues to deepen its footprint in the Middle East.

This jurisdiction has now given the green light to Ripple USD (RLUSD) to be used as a settlement asset by financial institutions in the country’s financial center.

The stablecoin’s market cap has stood unchanged at $1 billion, as demand has been rapidly rising. This is some remarkable growth, considering that the token was launched just a year ago.

Growing institutional interest in XRP could result in further upside for the token in the mid-term. However, in the past 30 days, XRP has accumulated a 5.4% loss.

At the time of writing, the token is trading at $2.13 as ETF inflows may have helped stay above the $2 threshold for the time being.

XRP Needs a Clean Break Above $2.2 to Keep Rallying

The daily chart shows that the price has tagged the upper bound of a descending price channel, and sellers have already shown up to dump XRP once it hits this area.

XRP/USD Daily Chart (Kraken) – Source: TradingView

This is a relevant price zone as a break below this mark would invalidate the token’s bearish structure. Hence, a strong move downwards would confirm that the market will continue to drop to lower levels after a successful retest of a former low.

In that case, the downside risk for XRP would be around 16% as it could drop to $1.8 in the near term. The $2 level would be a psychological barrier mostly, but not necessarily a technical one.

In contrast, a “W” pattern must form to confirm a bullish outlook. This means a decisive break above $2.2, followed by a successful bounce off this level shortly afterward. If that happens, XRP would have reversed its downtrend, and the market could get ready for its next leg up.

Next week, the FOMC will convene to make a decision on interest rates. If the Fed cuts rates as analysts expect, the market will likely get a boost toward the end of the year and shake up some of these recent losses.

Nonetheless, any surprises from Chairman Powell concerning the dot plot will likely have a negative impact on crypto prices – e.g. hawkish comments regarding future cuts or balance sheet decisions.