Notably, this marks the fifth and lowest capital withdrawal ever recorded by the $XRP funds. This suggests that institutional investors are yet to regain their confidence in the future outlook of these funds, as the broad market sell-off continues to intensify.
Although $XRP ETFs have seen larger amount of capital exit their funds in the past, this withdrawal has caught the attention of market participants as it positions the price of $XRP for more downward pressure despite recent recovery attempts.
$XRP dips 5%
As usual, the poor performances seen across the $XRP funds appear to have been triggered by increased selling pressure faced by $XRP and other leading cryptocurrencies.
Amid the prolonged volatility, $XRP has continued to show weak price movements, and the asset has plunged by 5.28% over the last day, trading at $1.39 as of writing time.
While all $XRP funds saw zero activity except for Grayscale — which single-handedly incurred the $2.21 million withdrawal recorded during the last 24-hour trading period — it appears that institutional investors are taking caution as $XRP continues to fail every attempt to break past $1.70 and reclaim its position around $2.00.