XRP Price Slumps Amid Macro Headwinds Despite Strong Institutional Demand
XRP is struggling to sustain its momentum after a sharp August rally, which saw it surge 43.7% in seven days and reach a peak of $1.45.
The token's price has pulled back slightly to around $1.39 on August 29, down roughly 2% over 24 hours, as investors weigh the impact of higher yields and a stronger dollar on its momentum.
However, institutional demand remains strong, with fresh ETF inflows supporting demand for XRP.
The latest data shows that spot XRP products hold around $1.5 billion in assets, while separate data for August 28 indicated another positive day for the category.
Large financial firms such as Goldman Sachs are also building exposure to XRP, with the bank disclosing $86.5 million across five XRP ETFs in its second-quarter filing.