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Spot $XRP ETFs, launched in November, have so far followed a different path than Bitcoin and Ethereum ETFs.
Since its launch, the market has consistently recorded net inflows with zero outflows. However, this has changed, and US $XRP spot ETFs have seen net outflows for the first time since their launch.
According to SoSoValue data, US spot $XRP ETFs recorded their first net outflow, ending a 36-day streak of net inflows.
On January 7th, five $XRP funds experienced a total net outflow of $40.8 million.
The largest outflow was from the 21Shares TOXR fund, which saw a $47.25 million exit, while the Canary, Bitwise, and Grayscale ETFs also recorded net inflows of approximately $2 million.
Speaking to The Block, BTC Markets analyst Rachael Lucas said that the initial net outflow was a significant change, but the amount of outflow was less than 3% of cumulative inflows, so it wasn’t large-scale.
“The fact that $XRP ETFs are seeing net outflows for the first time is a noteworthy change. However, outflows account for less than 3% of total inflows, so the scale is not large.”
Lucas stated that the exit was likely due to profit-taking after the $XRP price rose from $1.8 to $2.4 in a week, coinciding with a broader market correction.
Lucas also added that $XRP holdings on exchanges were at an all-time low, while trading volume remained high, and various on-chain indicators pointed to potential bullish signals.
Finally, the analyst noted that if capital inflows into ETFs resume, $XRP could retest the $3 price level.
“Historically low exchange reserves and high trading volumes, along with on-chain indicators, continue to point to underlying strength. If inflows resume, $XRP could retest the $3 level.”
*This is not investment advice.