XRP has recently registered its lowest daily close following a sharp decline in its price. However, the asset has continued to draw attention as institutions remain resilient despite its volatile price moves.
Amid its unstable price moves, the amount of XRP locked out of circulation through XRP funds providing access to their ETF products has continued to grow.
Nearly 1,000,000,000 XRP locked
Per the latest data from the ETF tracker, a total of seven XRP ETFs have collectively locked about 992.5 million XRP as of Thursday, August 13.
In addition, cumulative net inflows across all existing XRP ETFs now stand at a massive $1.51 billion, signaling growth in the XRP ETF market.
Nonetheless, recent data shows that momentum is slowing and the funds are beginning to record little to no daily performance as their price continues to revisit its multi-year low.
Amid this slow momentum, the market recorded $0 in net inflows during the last trading session. While this shows that no new capital was added to the products during the session, the ETFs still maintained substantial assets under management.
Not a Ripple effect
While large XRP moves are usually associated with Ripple, which often sparks negative speculation about its impact on XRP and its holders, the large XRP move this time comes with a different twist.
Notably, the nearly 1 billion XRP locked through the funds has drawn attention and a bullish narrative because the accumulation is not being driven directly by Ripple.
Rather than the usual debates on Ripple token locks, the move has been perceived as growing demand from investors accessing XRP through ETF products.
InkByte Editorial Team
Dan Burgin
