XRP Shows Bullish Signals Despite Recent Price Retreat
Despite a 24-hour decline of 6.3%, XRP exhibits bullish signals, including 11 consecutive weeks of US spot ETF inflows totaling $1.75 billion. A negative MVRV ratio and rising open interest with positive funding rates suggest underlying demand.
XRP ETFs recorded 11 consecutive weeks of net inflows, totaling $1.75 billion.
The 365-day MVRV ratio of -11.75% suggests limited downside potential.
Open interest in XRP futures rose to nearly $600 million with positive funding rates.
Increased XRP reserves on exchanges indicate some profit-taking activity.
Story
XRP was recently trading near $1.50, experiencing a 24-hour decline of about 6.3%, yet remained over 15.6% positive on a weekly basis. US spot XRP ETFs have seen continuous net inflows since mid-July, totaling 11 consecutive weeks up to the week ending September 23, with cumulative net inflows reaching $1.75 billion. On September 23, these ETFs attracted $18.04 million in net inflows. The 365-day MVRV ratio for XRP is around -11.75%, indicating that the average wallet active in this period is at a loss, which can limit downside potential. Open interest in XRP futures on Binance reached nearly $600 million, surpassing its 180-day moving average of $445 million, with positive funding rates suggesting buyers are driving the buildup. However, XRP reserves on Binance increased to about 2.68 billion tokens, indicating some investors are moving tokens to exchanges to sell and secure profits. These mixed signals warrant close observation.
Issue context
The crypto market demonstrates resilience as Bitcoin ETFs continue to attract significant capital inflows despite a recent price dip. This indicates sustained institutional interest, which could act as a crucial support mechanism for Bitcoin's price structure. Concurrently, the impending quarterly expiry of Bitcoin and Ethereum options may introduce heightened short-term volatility as traders adjust their positions.
Sustained institutional inflows into Bitcoin ETFs suggest underlying demand that may cushion price dips. However, be mindful of the upcoming options expiries, which could introduce heightened market volatility in the short term. Your positions may be affected by these movements, so exercise caution.
Market pulse
Fear & Greed
71
Greed
BTC Funding
+0.0042%
20 perp markets · OI $62B
BTC Open Interest
$62B
Top venue Binance (Futures) · 24h vol $104.6B · basis +0.035%
ETH Funding
+0.0059%
20 perp markets · OI $40.3B
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.