The XRP price has moved into a bull market after rising by over 24% from its lowest point this month. It has risen in the last three consecutive days and is now hovering at its highest level in a week. This rebound happened after the successful launch of the Grayscale XRP ETF on Monday. XRP ETF inflows are soaring The XRP price has done well in the past few days, reaching a high of $2.25 as investors cheered the launch of the Grayscale and Franklin Templeton ETF on Monday. These ETF launches were successful, with the Grayscale one generating over $67 million in inflows. Franklin Templeton’s XRP ETF had $62 million in inflows, while the existing Canary and Bitwise had $16 million and $17 million, respectively. The total daily XRP ETF inflows jumped to $164 million, bringing the total assets to over $628 million, which is equivalent to 0.46% of the coin’s market capitalization. The total value traded rose to nearly $90 million. Most importantly, SoSoValue data shows that XRP ETFs have had inflows in the last seven consecutive trading days. They have never had an outflow, which is notable because they were launched during a crypto market crash . There is a likelihood that the XRP ETFs will have robust inflows in the coming months. In a report released earlier this year, JP Morgan analysts predicted that these funds would have over $8 billion in assets in the first year. One way of estimating the future assets is to look at Bitcoin and Ethereum. Bitcoin ETFs have $116 billion in assets, which is equivalent to 6.54% of the market cap. Ethereum ETFs, on the other hand, have $18.4 billion in assets or 5.14% of the market cap. XRP has a market cap of over $135 billion. As such, a 5% allocation in XRP ETFs would bring their total assets to about $6.75 billion, much higher than where they are today. Why Ripple ETF inflows are rising There are several reasons why XRP ETF inflows are rising. First, XRP was created by Ripple Labs, which has become a juggernaut in the financial service industry. The company recently r aised $500 million from Ken Griffin’s Citadel and Fortress, bringing its valuation to over $40 billion. Ripple Labs hopes to use these funds to grow its network and its market share in the cross-border payment industry. It has already made some major acquisitions this year, including Hidden Road, Rail, and GTreasury. Second, XRP ETFs are seeing robust demand because of its size. Data shows that XRP is the fourth-biggest coin in the crypto industry after Bitcoin, Ethereum, and Tether. As such, investors view it as a viable alternative asset. Third, the network’s growth is accelerating, with Ripple USD (RLUSD) having $1.02 billion in assets, a year after its launch. There are chances that the RLUSD growth will accelerate as stablecoins become more mainstream. XRP price technical analysis The daily timeframe chart shows that the XRP price crashed to a low of $1.8173 on November 21 and has now rebounded to $2.25. Its lowest level this month was a notable level as it coincided with the lowest point on October 10 this year. Therefore, there are signs that the coin has formed a double-bottom pattern whose neckline is at $2.6945, its highest point on October 27. A double-bottom is one of the most common bullish reversal signs in technical analysis. Still, technicals points to more XRP price risk. For one, it remains below the Supertrend indicator and the 50-day Exponential Moving Average (EMA). Therefore, the bearish outlook will persist as long as it remains below these indicators. The post XRP price prediction after strong Franklin, Grayscale ETFs debuts appeared first on Invezz
