XRP Records Strong Inflows Ahead of Potential SEC ETF Decision

XRP has continued to attract major institutional investment, recording another week of strong inflows totaling $61.6 million. According to CoinShares data, this marks another milestone in sustained investor confidence despite recent market turbulence and investor selloffs.

The steady inflows come just as the U.S. Securities and Exchange Commission (SEC) prepares to make key decisions on several spot XRP Exchange-Traded Fund (ETF) applications.

XRP Sees Consistent Institutional Demand Despite Market Challenges

In the previous week, XRP saw inflows worth $219 million. This new update now marks the 18th straight week of positive inflows into XRP, showing strong and steady interest from institutional investors. XRP’s price has recovered more than 10% in the last 24 hours and is now trading at $2.62, according to CoinMarketCap data. 

This comes after the digital coin hit a low of $2.37 and a high of $2.64. Trading volume has climbed by 40%, helping prices bounce back. Even with the U.S. government shutdown and crypto market selloffs, investor confidence in XRP has stayed strong.

XRP ETF Decisions Could Spark Massive Market Surge

Bloomberg’s Eric Balchunas had earlier stated that the chances of the SEC approving spot ETFs for XRP and others are now 100%. This follows the approval of new listing rules for digital asset ETFs, which streamline how crypto ETFs are listed and traded.

At least six XRP ETF applications are waiting for SEC decisions between October 18 and 25. This includes submissions from 21Shares, Grayscale, Bitwise, WisdomTree, CoinShares, and Canary Capital. Grayscale’s decision is due this week. 

The financial market is closely watching the SEC’s upcoming ETF rulings, with several financial experts forecasting a massive wave of investment if approvals go through. Steve McCurve from Canary Capital estimates $3 billion to $5 billion could flow into XRP ETFs in the first year. This could double XRP’s market value and push its price toward $5.

ETF analyst Nate Geraci says approving XRP ETFs could open the door for more crypto ETFs. He also notes that delays are partly due to the government shutdown and political issues. Once these delays are over, more ETFs could be approved quickly.

XRP Traders Show Confidence Ahead of SEC ETF Decisions

Data from CoinGlass shows a big rise in XRP trading activity. XRP futures open interest (OI) went up 8% in the last 24 hours, reaching $4.40 billion. This increase shows that traders are becoming more confident. On CME, OI rose 8%, and on Binance, it grew 2%. 

Analysts are also watching XRP’s 200-day moving average, which is now at $2.58 and acts as a strong support level. On the other hand, the resistance levels are at $2.74 and $2.80. If XRP’s price moves above these levels, it could trigger a bigger rally. This is especially if ETF approvals attract the large investments that many expect.