XRP's ETFs See Record $110M Inflows Amid Price Slowdown

XRP's spot exchange-traded funds (ETFs) have attracted significant institutional investment in recent weeks, despite the token's price momentum slowing down after a strong August rally. According to Pluang, XRP ETFs led by Bitwise have seen over $110 million in weekly inflows, pushing assets under management above $507 million.

This influx of funds is noteworthy, especially considering that XRP's price has been trading around $1.36-$1.37, below the $1.70 resistance level, and fell about 7% in the prior week amid leveraged position unwinding.

The interest from institutional investors could be attributed to upcoming network upgrades, such as the September 11 XRP Ledger upgrade, which may enhance network features and boost institutional use of the token.