XRP ETFs Soar to New High as Ripple Token Surges 70%
Ripple's native token XRP has seen significant inflows into exchange-traded funds (ETFs) in the past week, marking its best performance since May. The ETFs tracking XRP have seen a cumulative total net inflow of $1.55 billion, with Bitwise's XRP fund leading the pack with $542.69 million.
The inflows into XRP ETFs picked up pace on Thursday and Friday, with the latter day seeing $18.38 million in net inflows, the single-best day since May 14. This surge in demand comes after a period of little to no action in the funds, with seven out of the 11 trading days in August seeing no actual flows.
XRP itself has also seen a price pump, surging by 70% in less than 72 hours to reach a 7-month high. However, it was rejected at $1.70 and pushed south to $1.42 before recovering some ground to trade above $1.50.