Spot XRP exchange-traded funds (ETFs) recorded another negative net outflow session on Monday, March 16.
Specifically, XRP ETFs were $5.98 million in the red, all thanks to 21Shares XRP ETF (TOXR), which was the only financial product of its kind to post any kind of movement on the day, according to data from SoSoValue.
Of the past eight sessions, not a single one was positive, six of them being negative, and two seeing no changes whatsoever. Weekly outflows now sit at $1.07 billion.
The development points to soft short-term investor demand for XRP-focused products, with little evidence of capital rotation into competing funds.
XRP ETF flows. Source: SoSoValueXRP network activity surges to record highs
However, while ETF movements might at first glance be a reason to worry, XRP itself actually rose 1.35% over the past 24 hours to trade at $1.51 at press time, modestly outperforming a broadly positive crypto market.
The move comes as the XRP Ledger surpassed 7.7 million non-empty wallets for the first time in thirteen years, marking a significant milestone in network adoption. As a result, analysts already argue that the increased activity is a key fundamental driver for extending beyond speculative trading.
XRP Ledger activity. Source: SantimentFrom a technical viewpoint, the asset broke out of the $1.33–$1.47 consolidation range supported by tightening Bollinger Bands and confirmed by a sharp 58% increase in 24-hour trading volume ($5.3 billion at press time).
The rally has also been aided by a favorable macro backdrop, with Bitcoin (BTC) gaining 1.16% and the overall crypto market capitalization rising 1.13%.
Looking ahead, traders are watching the $1.60 resistance level, where XRP previously faced rejection. A decisive move above that could put $1.85 on the menu once again, while a drop below key support risks a pullback toward the mid-$1.40 range.
Featured image via Shutterstock
Source: https://finbold.com/xrp-etf-flows-turn-red-after-monster-outflow/
