XRP basically stayed at the same level as last week.
After March ended as the first red month since its inception, spot XRP ETFs have begun to regain investor attention, hitting a major milestone at the end of the previous business week.
Meanwhile, the underlying asset was rejected at $1.46 earlier this week and is still unable to benefit from the returning demand on ETFs.
Ripple ETFs See New ATH
Exchange-traded funds that track the performance of cross-border assets had an impressive first month after their debut in mid-November, quickly reaching the $1 billion mark. They have not seen a single red day with more outflows than inflows for almost two months, with January 7th finally breaking this impressive streak, which was the best in the cryptocurrency industry.
Tides I turned in the next few months as geopolitical uncertainty mounted. Investors chose to stay on the sidelines or withdraw money from ETFs. March ended as the top month in the red, with over $31 million withdrawn, while there were several days without any reportable action.
However, the US-Iran ceasefire was the catalyst the ETFs needed, and the business week ending April 17 It saw the highest net inflows in three months. The next option was also in the green, with $15.74 million coming into the money.
As a result, cumulative net inflows into XRP ETFs rose to $1.29 billion, according to data from SoSoValue, the highest level recorded to date. Investors poured $81.63 million into the funds in April alone, making it the best monthly performance since December.
XRP is still sideways
Despite the growing demand for XRP ETFs, the cross-border token has failed to make a big, decisive, lasting move. Its most impressive attempts have been linked to developments in the US and Iran, but it has been rejected at $1.60 and $1.46 recently.
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Popular Crypto analyst Tony has outlined a “boring few months” for XRP, which has remained between $1.20 and $1.60 for over 60 days now. Fellow market commentator Ali Martinez shown A more bullish perspective on the token, which included a massive rally to $13 but only after it fell and bottomed at $0.90.
Currently, XRP remains sideways at $1.43, showing a slight 0.2% movement since this time last Sunday.
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