Where does this discrepancy come from and what’s next for XRP?
Demand for the spot XRP ETFs remains far below their recent peaks, with the funds attracting zero net inflows in the past couple of days. Moreover, they were in the red before that.
However, this hasn’t prevented the underlying asset from staging a notable comeback that pushed it above a key resistance area. The question is, what’s next for XRP?
ETFs Disappoint, but XRP Rebounds
CryptoPotato reported over the weekend the end of a major XRP ETF streak that lasted roughly three months in which they didn’t see a single week in the red. This finally changed during the week that ended on October 16, with net outflows slightly higher than inflows at $1.84 million.
Although that was a relatively modest number, the following two business days have been quite lackluster as well. Data from SoSoValue shows that there were no reportable inflows on October 19 and 20, which continues the disappointing trend that began on October 15 with $104,510 in net withdrawals, and another $2.47 million on October 16.
This means that the ETFs have not been in the green for a week now. As such, it’s safe to conclude that they are not behind XRP’s notable price pump over the past 24 hours. The asset jumped by 5% daily to $1.37 minutes ago, which became a weekly peak. Moreover, it’s up by almost 10% since the weekend, when it plunged to $1.25 and popular analyst Ali Martinez declared the bottom was in.
Nothing But Green?
The substantial uptick over the past few days didn’t go unnoticed by other analysts, including Dark Defender, who argued that the sky above the XRP chart has turned green. The chart in question claims that the token has just bottomed on its macro Wave 2 formation and outlines some massive targets ahead, up to $10.
In a more modest post from yesterday, the analyst confirmed the completion of the correction in Wave 2 and noted that XRP is heading toward $1.44-$1.56 as long as it holds the $1.29 support, which it has so far. Once it reclaims the $1.56 resistance, Dark Defender predicted that “double digits will be instant.”
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Meanwhile, fellow analyst CW joined the bullish bandwagon, indicating that XRP has reclaimed a key resistance at $1.3464, which means that it has shifted back into a “bullish trend.”
