Coinspeaker
22 hours ago
1 0

XRP ETFs Inflows Near $1 Billion Amid Price Decline

The US spot XRP ETFs have recorded inflows for thirteen consecutive days, accumulating a total of $895 million by December 3. On that day alone, inflows were $50.27 million, with Grayscale’s GXRP contributing $39.26 million.

  • The rapid increase in inflows approaches the $1 billion mark, considered key for attracting long-term institutional interest.

Short Pressure in Derivatives Markets

  • XRP is trading near $2.16, experiencing a 1.11% decline in the last 24 hours.
  • Futures data indicates persistent negative funding, suggesting dominance of short positions over long positions.

XRP funding rates

  • The market sentiment remains weak, correlating with recent price declines.
  • Increased short positions may pressure the price to revisit the $2.0 to $1.9 range.
  • A CryptoQuant analyst suggests a potential sideways drift if negative funding persists.
  • Closure of short positions could push XRP towards the $2.25 to $2.35 range.

XRP Price Outlook

  • The XRP ledger witnessed heightened activity on December 2, with circulation speed reaching a yearly high of 0.0324.

XRP ledger sharp activity

  • Analyst Ali Martinez noted XRP's trading within a downward parallel channel on the 4-hour chart, with resistance near $2.28.
  • If XRP surpasses $2.28, it might target $2.75 as buyers aim to regain control.

This analysis highlights the current trends and market pressures affecting XRP, providing insights into potential future movements based on existing data and market behavior.