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Leading asset management firm Bitwise has sparked discussions following its consistent $XRP purchases while $XRP continues to show mixed price actions as momentum begins to fade.
Per recent data showcased by Whale Insider, Bitwise has extended its $XRP buying streak after it bought a large amount of $XRP worth $15.4 million.
$XRP institutional demand skyrockets
The recent price breakout has sparked confidence across the $XRP ecosystem, fueling rising demand among both retail and institutional investors.
The bullish momentum has extended to the $XRP ETF market as all existing funds have continued to record steady daily inflows for the past two weeks.
Following this consistent capital injection in the $XRP ETF market, Bitwise has continued to record growing demand for its $XRP product from institutional investors.
Its latest $XRP purchase has particularly drawn attention from market analysts as it has come when $XRP has turned negative, reversing from its recent bullish performance.
$XRP exits bullish zone
Despite the sustained demand from $XRP institutional investors, it appears that momentum is fading as the asset has suspended its price rally, returning to red territory.
Latest on-chain data shows that $XRP has retreated to the $1.3 price level, showing a price decline of about 2% over the last 24 hours as speculative trading appears to be outweighing its demand.
Although $XRP has slowed from its recent price surge, the asset still maintains the highest price gain for this month following several months of extreme volatility.