The XRP price rebounded after its recent slump. This rise followed fresh spot ETF inflows of $164 million yesterday, marking their second-largest single-day total since launch.
According to SoSoValue data, spot XRP ETFs recorded $164 million in net inflows on November 24.
Grayscale’s GXRP led with $67.36 million on launch day. Franklin Templeton’s XRPZ followed with $62.59 million in new funds.
XRP ETFs extend strong inflow streak
The inflow streak has now reached seven straight days. This steady rise shows growing interest from both retail and institutional buyers. Franklin Templeton launched XRPZ only a day earlier. However, it saw strong demand from investors looking for early exposure.
Canary XRPC ETF also attained momentum. The fund has a total of over $306 million in total assets since November 21. Canary ranks 231st in the world among ETFs. Nevertheless, it continues to attract attention at a rapid pace.
Such inflows drove the price of XRP upwards. According to CoinMarketCap, the token price has risen by over 8%. Traders noted a change of market sentiment. Price strength is anticipated to increase as more ETF volumes increase.
Analyst sees XRP ETFs mirroring early Bitcoin momentum
Crypt analyst Chad Steingraber expressed an optimistic view. He compared the early phase of the XRP ETF to the early Bitcoin ETF. Subsequently, Bitcoin ETFs experienced several $1 billion inflow days. Steingraber believes that XRP has the potential to do the same.
He claimed that 12 active XRP ETFs would have the ability to reach $1 billion in one day. The amount of inflow required by the funds on average would be slightly more than $83 million. According to him, this target is achievable when demand continues to increase.
He further stated that such inflows within days could absorb over 2.2 billion XRP within less than a week.
According to Steingraber, such absorption can move the XRP price much higher. He opined that supply pressure will be on accelerated growth. He predicts to see more movements with the growth of ETFs.
There are more XRP ETFs in the offing. 21Shares was automatically approved by the SEC with an 8-A filing. Its ETF soon will be listed on the Cboe BZX Exchange.
CoinShares also revised its S-1 filing for its Nasdaq launch. The fund is already listed on the DTCC platform, which is an indicator of readiness to launch.
Steingraber estimated that the existing supply of XRP might exhaust the market in under one year. He added that involvement from major asset managers such as BlackRock could shrink that timeline to under six months.
Price is the only variable that modifies the equation, he said. The price of XRP will have to increase to offset fast demand.