Key Insights:
- The leading player in the crypto ETF space, Grayscale is scheduled to launch its XRP ETF today.
- XRP price switches gears in favor of the bulls in what appears to be the start of a pivot.
- The experts anticipate the Ripple ETF launch to provide a boost in the asset’s price.
XRP price, also known as Ripple coin, has kicked off this week on a high note that is evident even in its recent movements. The excitement around the cryptocurrency is tied to Grayscale, and more specifically, its upcoming XRP ETF.
In the latest XRP news, preliminary reports revealed that the recently approved Grayscale XRP ETF will commence trading on Monday. It reportedly received approval from the NYSE Arca, alongside a Dogecoin ETF from the same company.
The Grayscale ETF for Ripple Coin will reportedly trade under the ticker GXRP, while the Dogecoin ETF will trade under the ticker GDOG.
The Grayscale XRP ETF will mark another important milestone for the cryptocurrency from an institutional liquidity point of view. Especially considering that XRP is one of the top cryptocurrencies, and it is one of the most anticipated ETFs.
Moreover, recent ETF approvals, such as Solana ETFs, have achieved significant success. Investors are therefore optimistic about the Ripple ETF prospects.
Moreover, the ETFs from other companies were also expected to debut this week.
Is XRP ETF Prospect Attracting Bulls?
The Grayscale XRP ETF prospects may have influenced market sentiment in the last 24 hours. The overall market trend favored a cooldown in selling pressure, paving the way for the bulls to make a bit of a comeback.
This was particularly the case for Ripple coin price, which rallied by over 7% in the last 24 hours. As a result, it was the biggest gainer among the top 10 cryptocurrencies by market cap.
XRP price performance in the last 24 hours could potentially underscore rising expectations of more upside courtesy of ETF excitement. However, it was worth noting that recent market downside diluted any prospects of robust demand build-up fueled by ETF hype.
In other words, it may still be too early to tell whether this latest bullish attempt will yield a full pivot in favor of the bulls. However, demand characteristics may offer insights into the market’s next move.
XRP News: Whales Buying the Dip, Can it Help in a Recover?
Macroeconomic headwinds recently diluted any other potential catalysts, hence the recent liquidity bleed across the markets. XRP was not spared from this outcome, but the same factors could still be holding the markets hostage in terms of sentiment.
According to spot flow XRP news data, the crypto averaged less than $8 million worth of net inflows in the last 2 days. This was despite the bears taking a break after yet another week of extensive outflows.
Speaking of spot flows and weekly performance, XRP experienced over $181 million worth of net outflows on Thursday. This was the highest outflows that the cryptocurrency registered in a single day.
Nevertheless, on-chain data revealed that XRP whales have been re-accumulating as the price declined.
Despite these observations, it was clear that investors were still leaning more towards caution. As a result, demand may be slow to build up as investors wait for bullish sentiment confirmation.
Market sentiment has so far remained deep in extreme fear territory, as market jitters watered down bullish activity. Nevertheless, the bubbling XRP ETF hype could be an ideal opportunity for the bulls to make a significant splash.