Ripple ETFs Bleed Out Weekly as XRP Was Rejected at $1.45

Although the week began on a more positive note for the spot Ripple (XRP) ETFs in the US, it ended with more significant outflows, making it a red one – the first since late January.

At the same time, the underlying asset’s attempted breakout was short-lived, as it was stopped at $1.45 and now sits below a crucial support level.

XRP ETFs Bleed

The financial products tracking the performance of the fifth-largest cryptocurrency have not fared well in the past few weeks. Recall that they even had some days of minimal activity, where SoSoValue saw no measurable inflows worth reporting. Nevertheless, they managed to end all four weeks of February in the green, albeit in a more modest manner at the end of the month.

March also started more favorably. It began with a $7 million net inflow on Monday, followed by $7.53 million on Tuesday, and a more modest $4.19 million on Wednesday. However, investors broke their streak on Thursday, with $6.15 million in net outflows.

Friday was the worst day in this manner, as $16.62 million left the funds. This was the highest single-day net outflow since January 29, when investors pulled out a whopping $92.92 million.

Consequently, the first trading week of March ended with a $4.09 loss for the XRP exchange-traded funds. The total net inflows have declined to $1.24 billion from the $1.26 billion mid-week peak.

Meanwhile, Canary Capital’s XRPC remains the largest XRP-focused ETF, but Bitwise’s XRP has narrowed the gap to under $1 million – $266.11 million against $265.42 million, respectively.

XRP Price Progress Halted

Perhaps driven by the positive inflows at the start of the week and the overall market-wide resurgence, XRP jumped from its Saturday low at $1.27 to $1.47 by Wednesday. However, as the tides turned, BTC was rejected at $74,000, and the ETF flows turned negative, Ripple’s cross-border token slipped to under $1.40 as of now.

Popular analyst CryptoWZRD noted that the asset closed indecisively, but believes the XRP/BTC trading pair “should play a major role soon.” Ripple’s asset needs to hold above the $1.3820 resistance to remain long, but it’s currently trading just below that level.

In the meantime, some of the most vocal XRP bulls on X continue to outline highly speculative and big price predictions. Cobb, for example, said a $4.00 price target for XRP doesn’t sound crazy.

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