XRP ETFs attract $153M in 9 days – Is supercycle still alive?
XRP attracted $157 million in August while momentum weakened. Demand and price have temporarily stopped speaking.
After Ripple [XRP] rallied alongside the broader crypto market, the momentum has cooled off. The altcoin’s price is trading at around $1.38, down over 8.50% in the past 7 days.
However, this month’s massive inflows of Spot Ripple ETFs suggest that bulls could be shaping up for an XRP supercycle. But whales remain divided on their price projections.
Spot XRP ETFs log 9 straight days of inflows
Spot XRP ETFs logged 9 consecutive days of inflows, with the largest single-day inflow for August being $28.14 million. In total, the products have attracted capital in excess of $153.54 million during the streak. As a result, the total for the month now stands at $157 million.
With a day still left before the month’s close, XRP ETFs are on track for their third best month since launch. Collectively, XRP ETF net inflows account for 1.63% of the altcoin’s circulating supply.
In the past 24 hours, XRP ETFs recorded $26.20 million in net inflows, with Bitwise’s product leading with $11.17 million. Canary, Franklin, and 21Shares followed with $3.71 million, $2.17 million, and $1.95 million, respectively. Grayscale had no activity.
Whales’ positioning is divided on XRP price projections
While Spot Ripple ETF inflows suggest a looming XRP supercycle, whales are still unconvinced. Some are going long while others are shorting the token, according to the largest positions using the Hyperliquid Wallet Analysis.
For instance, one whale sits at $8.89 million in unrealized profit after buying 35 million XRP with 10x leverage valued at $48.46 million. The liquidation price was $0.9364, as the order sits at a profit of over 18%.
Other long orders in this list were valued at $12.41 million and $9.27 million, both with 20x leverage.
On the other hand, a whale shorted 11.06 million XRP, which was valued at $15 million, using 5x leverage. The top 30 orders on Hyperliquid DEX were mostly short, and most orders were profitable unless the entry price was below $1.38.
Whale positioning showed the big players were yet to agree on the XRP supercycle.
What do bulls need to do to trigger a supercycle?
On the charts, the altcoin was trading above a slanting trendline. The altcoin had a MA Cross for the 20-day and 50-day moving averages. However, the price is approaching the MAs, having fallen from a peak of $1.70 to $1.38.
The transaction volume is averaging 814.35 million XRP, way below this year’s peak of 3.752 billion XRP. Additionally, the bars of the Bull Bear Power (BBP) were declining, indicating weakening momentum.
Therefore, for the supercycle to stay alive, bulls must keep it above the MA Cross at $1.10. The current correction may be a pause before the continuation of the rally.
Final Summary
- Spot XRP ETFs logged 9 straight days of net inflows, taking this month’s total inflows to $157 million.
- The altcoin price was trading at $1.38, but XRP’s supercycle was still alive unless it broke below $1.10.
