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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.