XRP ETFs See $3.28M Net Outflows as Seoul Event Falls Short
The institutional appetite for XRP has cooled down sharply, with US spot ETFs tracking the token experiencing net outflows of $3.28 million on Friday. This reversal comes on the heels of a strong September, where those same vehicles attracted $121.40 million in net inflows. The shift in sentiment can be attributed to the high-profile industry gathering in Seoul, where expectations of bank partnerships were left unfulfilled.
Representatives from Woori Bank, Kbank, and JB Bank, along with Sabrina Tachdjian, president of the XRP Asia regional initiative, and Ripple executive Tatsuya Kohrogi, were in attendance. Despite the anticipation of a major South Korean lender adopting the ledger, no concrete commitments emerged. The lack of concrete announcements led to a cautious turn in the market.
Despite the setback, XRP has held its ground, trading at $1.50, up 0.9% on the day, and above its 50-day moving average of $1.40. However, it still sits 51% below its 52-week high of $3.07, underscoring the significant ground that remains to be recovered.
Attention now turns to the XRP Ledger, where two technical amendments are queued for activation in the coming week. Permission Delegation, set to activate on October 8, will enable accounts to assign specific tasks without handing over private signing keys. The Batch extension, set to activate on October 9, will allow up to eight transactions to be bundled for simultaneous settlement.