The newly launched XRP (XRP) exchange-traded funds (ETFs) absorbed nearly 80 million tokens on Monday, significantly outperforming Solana's recent ETF debut. According to data from XRP Insights, the rapid inflows have pushed total assets under management (AUM) to $778 million.
Key Takeaways:
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Grayscale and Franklin Templeton’s XRP ETFs absorbed nearly $130 million at launch.
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Sustained ETF inflows, not only opening demand, will determine XRP's structural advantage in the worth recovery.
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XRP has formed a bullish flag but stays technically in a bearish trend below the important thing EMAs.
The launch of the XRP ETF sparks market optimism about continued demand
Grayscale's GXRP raised $67.4 million at its launch on November twenty fourth, and Franklin Templeton's XRPZ pulled in $62.6 million at its launch on November twenty fourth, pushing total XRP ETF assets over $628 million on the day. Nearly 80 million XRP tokens were absorbed in 24 hours, surpassing the early inflows seen in Solana's (SOL) recent ETF debut and occurring against a backdrop of Bitcoin outflows.
XRP ETF tracker. Source: XRP Insight
There are currently 4 XRP ETFs lively, with Canary's XRPC on Nasdaq leading the best way with cumulative net inflows of $331 million, followed by Bitwise's XRP ETF with $168 million.
Such rapid absorption is significant because ETF demand puts direct pressure on circulating supply, but sustained inflows must proceed to find out XRP's long-term utility.
XRP proponent Chad Steingraber remained bullish, noting that “each stock has 10 to twenty XRP… a big increase for the stock price,” adding that continued inflows may lead to a FOMO-driven increase in volume that may allow the ETF to grow to be an “influencer in market dynamics” over time.
Meanwhile, the XRP ETF madness is ready to proceed as 21Shares' TOXR is anticipated to launch on Cboe BZX on November 29 after receiving S-1 and Form 8-A approval. The product comes with a 0.50% fee and requires $500,000 in seed capital to expand within the US. Spot XRP exposure.
XRP’s bull flag is crucial to interrupt the resistance at $2.20
XRP is the highest performer among the many top 10 assets, posting a 5% weekly rally from a low of $1.90 to $2.20, where immediate resistance formed.
On the four-hour chart, XRP is forming a bullish flag, with a possible breakout targeting the sell-side fair value (FVG) gap of $2.35 to $2.45, while liquidity is at $2.30 and $2.35.
However, failure to reclaim $2.20 increases the likelihood of a move towards the buy-side FVG of $2.10-$2.00, where key liquidity is concentrated. Therefore, the present market remained undecided regarding the immediate direction.
The relative strength index (RSI) remained above 50, indicating strong near-term demand; However, the general trend remains to be down, with XRP trading below the 50, 100, and 200 exponential moving averages (EMAs) on the four-hour chart.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
