XRP hits price level not seen since November as markets’ mood goes risk-on
XRP spot ETFs have yet to record a single day of outflows since launch.
XRP climbed roughly 11%, peaking at $2.41, a price point not seen since November, before it sharply dipped around 10:20 a.m. ET back down to around $2.30 as of 11:25 a.m.
The fourth-largest cryptocurrency’s price action is accompanied by rising trading activity, as XRP’s 24-hour trading volume on all exchanges tracked by CoinGecko stands at over $9 billion, more than double the $3.6 billion in the previous 24 hours.
XRP is up around 25% year to date, more than bitcoin, ethereum, and solana.
Adam Morgan McCarthy, senior analyst for market data provider Kaiko, told Sherwood News that ETF flows seem to support the token’s price action.
Spot XRP ETFs in the US have yet to record a single day of outflows since the listing of the investment vehicles last year, and on Monday, $46.1 million entered into the funds, bringing cumulative inflows to $1.23 billion, data from SoSoValue shows.
XRP’s jump “has support from improved liquidity conditions due to ETFs and tracks a broader risk-on mood in markets at present,” McCarthy said in an email.
“That being said liquidity has been inconsistent over the past few months and this can have a negative impact on rallies at times. Liquidity can drop off quickly and this leaves less support for price moves, which should be monitored carefully,” he added.
