XRP Bulls Strengthen Their Position as ETF Inflow Continues

This week, the sentiment around XRP has shifted positively among traders on social media platforms, while the inflow of funds into XRP exchange-traded funds (ETFs) has remained consistent. Analysts from Santiment report an increase in bullish comments as XRP trades around the $2 mark.

Key Takeaways

Social media sentiment towards XRP has turned bullish this week, with the highest weekly bullish comments recorded this year.
XRP is currently trading between $1.99 and $2.17, with a current price of $2.03.
XRP ETFs have experienced 19 consecutive days of net inflows, totaling over $20.1 million on Friday alone.
The cumulative inflow for XRP ETFs has reached nearly $974.5 million.
Ripple has recently received a national trust bank charter and is making significant moves in the stablecoin market.

XRP Bulls Strengthen Their Position as ETF Inflow Continues

Bullish Sentiment on Social Media

Trader sentiment regarding XRP has taken a turn towards bullishness this week, as noted by market intelligence platform Santiment. As XRP hovers around the $2 mark, it has recorded the seventh highest number of bullish comments for the year. According to Santiment, social media channels like Telegram, Discord, subreddits, and X show positive sentiment among retail traders.

“XRP’s bulls and bears continue to compete, and the asset is currently maintaining a market value of $2.00. Sentiment is indicating bullishness across social media,” Santiment remarked. The token has fluctuated between $1.99 and $2.17 over the past week, currently trading at $2.03, as reported by crypto data aggregator CoinGecko.

Optimism towards XRP on social media has been increasing. Source: Santiment

Continued Inflows into XRP ETFs

In addition to the positive sentiment, spot XRP exchange-traded funds (ETFs) have continued to see net inflows, totaling over $20.1 million on Friday. This marks an impressive 19 consecutive days of positive inflow, according to crypto research platform SoSoValue.

This steady influx has pushed total inflows close to $974.5 million and increased total assets under management to around $1.18 billion. The most significant inflow occurred on November 14, with over $243 million, while November 18 had the lowest daily inflow at just $8 million, followed by another significant intake of $164 million that day.

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Bitmern Mining’s CEO, Giannis Andreou, commented on X at the beginning of the week that “Wall Street hasn’t stopped buying,” suggesting that this accumulation may signal a forthcoming narrative shift.

Ripple Gaining Traction as Year Closes

This week, Ripple gained approval for a national trust bank charter from the US Office of the Comptroller of the Currency, which is a significant achievement for the company alongside stablecoin issuer Circle. Other companies, including BitGo, Fidelity Digital Assets, and Paxos, were also granted the ability to convert their existing state-level trust companies into federally chartered national trust banks.

In November, Ripple secured $500 million at a valuation of $40 billion, attracting notable investors such as affiliates of Citadel Securities and Fortress Investment Group. Just a month prior, Ripple made strides into the stablecoin sector and sought acquisitions in brokerage and treasury management.

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