The spot exchange-traded funds tracking Ripple’s cross-border token continue with their impressive performance in times of market uncertainty, and saw only one day of no reportable action in the past week, unlike the previous ones.
July also ended in the green for the funds, meaning that only one out of the nine months they have been active was in the red.
The Good Weekly and Monthly
Data from SoSoValue shows that Monday and Wednesday were quite modest in terms of net inflows. On both days, the ETFs attracted just under $600,000. However, the green streak continued and accelerated at the end of the business week, with $6 million in net inflows on Thursday and another $7.7 million on Friday.
Thus, the week ended with $14.86 million in the green, making it the best since the one that ended on July 2, when the funds attracted $17.19 million. On a monthly scale, investors poured in $27.29 million into the spot XRP ETFs.
What’s even better is that the funds have reached another all-time high in terms of cumulative total net inflows, at over $1.5 billion as of Friday’s close. Bitwise’s XRP has extended its lead over Canary Capital’s XRPC, with $511 million in net inflows compared to $467 million for the latter.
The Bad
Although July indeed ended in the green, the actual net inflows were not all that impressive. The $27.29 million places July as just the second-worst month, beating only January when investors inserted $15.59 million into the funds.
In contrast, June was a lot more positive, with the net inflows standing close to $60 million. May was even better, with almost $132 million. The all-time high from November at $666.61 million remains untouchable.
The Ugly
Although this improved at the end of the month, July saw the most days with no reportable action in terms of net flows. Precisely half of the trading days (11 out of the 22) saw no flows, according to SoSoValue, which, aligned with the more modest $27.29 million in net inflows, suggests dwindling interest in the funds.
Separately, the underlying asset’s price performance continues to disappoint despite the numerous positive developments in the broader Ripple ecosystem. Although it managed to defend the $1.05 support during the weekend, XRP is still below $1.10, and it’s down by more than 3% on a monthly scale. What’s even more worrisome is the fact that August has been a particularly painful month for the asset historically.
The post Ripple (XRP) ETF Monthly Recap: The Good, The Bad, and the Ugly appeared first on CryptoPotato.
Source: https://cryptopotato.com/ripple-xrp-etf-monthly-recap-the-good-the-bad-and-the-ugly/
