Bitwise has bought another $15.4 million worth of XRP, extending its buying streak even as the token's rally cools. The purchase comes as XRP slips about 2% over 24 hours to $1.3, though spot ETFs tied to the asset keep pulling in steady daily inflows.
Bitwise has bought another $15.4 million worth of XRP, extending a buying streak that has continued even as XRP's price rally reverses. The purchase was highlighted through data shared by Whale Insider, according to U.Today.
The firm's latest purchase follows a recent price breakout that has fueled rising demand for XRP among both retail and institutional investors. That demand has carried over into the ETF market, where all existing XRP funds have recorded steady daily inflows for the past two weeks.
As a result, Bitwise has continued to see growing demand for its XRP product from institutional investors following this steady stream of capital into the ETF market. Its latest purchase has drawn particular attention from analysts because it came while XRP turned negative, reversing from its recent bullish run.
It appears that momentum is fading, however, as the asset has suspended its price rally and returned to red territory. On-chain data shows XRP has retreated to the $1.3 level, a decline of about 2% over the last 24 hours, as speculative trading appears to be outweighing demand.
Still, XRP maintains the highest price gain of the month, following several months of extreme volatility.
Source: U.Today
Trading involves risk.
Risk Disclaimer
