With most of the altcoin ETF key dates missed out on, institutions are playing it safe on XRP.
The freshest digital asset fund flows report from CoinShares Research implies a concerning trend for major-cap altcoins in spite of the $931 million inflows. The rate-cut optimism driven market rally has resulted in digital assets products registering a positive figure after a drawdown last week.
However, the $931 million inflows into digital assets is clearly dominated by Bitcoin (BTC), while the top alternative crypto asset Ethereum (ETH) registered negative flows despite bullish US Consumer Price Index (CPI) data. On the other hand, Solana (SOL) & Ripple (XRP) coin registered $29.4M & $84.3M inflows, respectively.
ETF Pushback Keeps Institutions On Low-Pro
Despite this, CoinShares’ analysis implies that the institutional interest is waning, at least with legal setbacks still in place. Surely, the ongoing United States government shutdown continues to throw hurdles in XRP’s path, as the short-handed SEC carries on missing multiple key dates, including all of the 11 Ripple ETFs.
The lack of optimism among institutional players is fully evident in the discrepancy between retail & smart money sentiment. Judging from the real-time data from Market Prophit, XRP’s current profitable investors sentiment is at -1.67, meaning that the push towards $2.62 had resulted in severe profit-taking.
How FUD On XRP Preludes a Bigger Breakout
On the brighter note, the crowd sentiment towards XRP coin had flipped back to bullish after numerous days of Fear, Uncertainty & Doubt (FUD) swirling across popular social media channels. In a relevant market analysis by Santiment, the market connoisseurs observed how “high crowd predictions of XRP’s price below $2” typically invoke an opportunity to rebound.
Indeed, the small wallet shake-out has given off strong bullish impulses in various instances during the $2 – $3 price stretch. At $2.62 after the 4% uptick, XRP’s price continues to trade in range-bound mode. With the highest-tier Bollinger Band (BOLL) sitting at $2.69, a daily close above this level could pave the way for the $3 XRP coin price tag after a three-week hiatus.
Discover DailyCoin’s hottest crypto currency news:
Whales Move $300M in LINK Off Exchanges, Hinting at Breakout
Bitcoin Bears Lose Steam. Market Poised for Reversal
