XRP Draws $1.2 Million Inflow Amid Altcoin Market Doldrums

XRP has attracted a significant $1.2 million in inflows, contrasting sharply with the substantial outflows Bitcoin experienced over the past week.

This trend underscores a growing investor interest in alternative cryptocurrencies, or altcoins, as they seek to diversify their portfolios amid market volatility.

The recent inflow into XRP is more than just a routine, it signals a broader shift in sentiment among cryptocurrency investors. While Bitcoin saw outflows totaling $904, XRP managed to draw $1.2 million, highlighting the altcoin’s increasing appeal.

According to CoinShare’s latest report, digital asset investment products experienced record weekly outflows of $942 million, following a seven-week run of inflows that totaled $12.3 billion.

Meanwhile, the recent price decline led to investor reluctance, resulting in smaller inflows into new US ETF issuers, which saw $ billion in inflows, partially offsetting Grayscale’s massive $2 billion losses last week.

Bitcoin (BTC) accounted for 96% of the flows, with $904 million in outflows, while short Bitcoin had minor outflows of $3.7 million. Ethereum, Solana, and Cardani also faced losses, with $34 million, $5.6 million, and $3.7 million in outflows respectively.

The transfer of funds from Bitcoin and Ethereum, totaling $976 million, created opportunities for altcoins like XRP and Litecoin. The altcoin market, including XRP, saw net inflows of $16 million.

XRP was up 0.92% to $0.638, marking its third consecutive day of gains if it closes in the green, having hit intraday highs of $0.6422.

Since Friday, XRP has experienced a decline of over 6% in its price. On that day, it suffered a 7% price drop, displaying three consecutive red candles on an hourly chart, one of which was notably significant. This resulted in XRP plummeting from the $0.526690 level.

Since the recent drop, XRP continue to struggle as it attempts to recover, currently trading at $0.4949.