XRP ETF Inflows Soar to $1.5 Billion Amid Price Slump
XRP-backed exchange-traded funds (ETFs) continue to attract institutional money, pulling in $27.29 million in July and marking a fourth consecutive month of net inflows.
This steady buying has added up to over $1.5 billion in cumulative XRP ETF inflows, the largest total among altcoin products.
However, despite this significant institutional interest, the price of XRP remains down roughly 40% since January, currently trading near $1.08 per token.
The disparity between ETF demand and XRP's price can be attributed in part to Grayscale chief executive Peter Mintzberg filing to sell XRP ETF shares he acquired before the fund's listing at a price of about $20.45 per share, which is roughly half what earlier Grayscale insiders got in January.
XRP has also reached its most oversold readings on record, indicating that traders are split on whether the current sell-off has finished.