$37.2M XRP Inflows With Crash, Its Competitors Like BTC, ETC, SOL, ADA, And Others Move Amid Changing Investor Sentiments
Crypto investment products have witnessed $3.3 billion in inflows this week, and massive $XRP inflows have crashed.
The popular cryptocurrency has suffered outflows of $37.2M, while its rivals have dominated in revenue, raising doubts about some fundamental issues.
Meanwhile, $XRP price is also struggling on the charts. So let’s discuss the main reasons behind this decline.
XRP Inflows Crash While SOL, ADA Gain Speed
According to CoinShares report, crypto investment products are seeing $3.3 billion weekly inflows and $10.8 billion in over 6 weeks.
In that period, the AUM event hit $187.5 billion before collapsing, leading to an ATH in Bitcoin's price. However, $XRP inflows lost momentum this week, seeing a $37.2 million crash, its worst weekly performance.
Interestingly, this change was not new, as the XRP downtrend has been ongoing for almost a month, with outflows of $28.6M to date.
As a result, its 80-week inflow streak came to an end. However, at the year-to-date mark, it's still strong at $226 million, far ahead of its rivals ADA, SOL, SUI, and others.
SOL saw inflows of $4.3M, SUI saw $2.9M, ADA $0.6M, and LINK $0.9M. This shows that investors’ attention was more on these trending altcoins than XRP.
In addition, Bitcoin and Ethereum still dominate institutional flows, as BTC's weekly inflow was $2.9 billion and ETH's weekly inflow was $326 million.
Main Reasons Why XRP Arrival Crashed
As SOL, ADA, SUI, and LINK gain steady traction in the crypto market, XRP is caught between sentimental swings and outflows.
The XRP price also largely stabilized, falling to a low of $2.27 before recovering today. It is currently trading at $2.33 after a 2% increase in the past 24 hours.
Declining investor confidence in the digital asset is the main reason behind the crash of XRP arrivals.
Additionally, this is a continuation of the ongoing monthly outflows between profit cycles, which experts attribute to the delay in approval of the spot XRP ETF.
Apart from the delay in the regulatory hearing, i.e. the SEC vs. Ripple case, the uncertainty over the token still remains, which resulted in this crash.
Another reason is that Bitcoin and Ethereum lured investors with Bitcoin's ATH and other bullish factors. As a result, the momentum shifted towards them.
