Artem Voloskovets
XRP is experiencing an increase in activity from financial institutions. On Wall Street, interest is growing as firms submit new ETF filings and report that capital is entering the market - but the market focuses on Bitcoin besides Ethereum - observers often overlook this development.
For ETF activity
To provide context, data aggregators show that investment products for XRP received approximately $75 million in April. At the same time Tuttle Capital filed a request for a new XRP ETF. By doing this the asset manager shows that firms are testing ways to offer exposure to cryptocurrencies other than BTC or ETH.
As for accumulation trends
Data also shows that owners of large wallets bought approximately $500 million of XRP during this time. If we look at both institutional products and on chain holdings, it is clear that buyers are purchasing the asset at an even rate.
In the chart above, the price of XRP is staying within a specific range. It is common for a consolidation phase to occur when capital inflows and accumulation increase but the price does not move immediately.
With regard to the meaning
When ETF flows, whale accumulation and new filings happen together, it indicates that investors are choosing positions for the long term. Due to how markets function, they sometimes absorb demand without noise before the price moves in a specific direction.
Artem Voloskovets
