Trader sentiment toward XRP has shifted into bullish territory this week as the cryptocurrency maintains its position around the $2 mark. According to market intelligence platform Santiment, this week recorded the seventh highest number of bullish comments for the year across social media channels including Telegram, Discord, and X.
XRP Price
XRP is currently trading at $2.03 as of Saturday. The cryptocurrency has been trading between $1.99 and $2.17 over the last seven days.
Spot XRP exchange-traded funds maintained their positive momentum with over $20.1 million recorded on Friday. This marks 19 consecutive days of net inflows according to crypto research platform SoSoValue.
The ongoing influx has pushed cumulative total inflows to nearly $974.5 million. Total assets under management now stand at about $1.18 billion.
Nov. 14 remains the strongest day for XRP ETF inflows with over $243 million. Nov. 18 saw the second-highest intake with $164 million. The weakest day during this period was Nov. 18 with only $8 million in inflows.
Ripple received approval for a national trust bank charter from the US Office of the Comptroller of the Currency on Friday. Stablecoin issuer Circle also received approval on the same day.
BitGo, Fidelity Digital Assets and Paxos received the green light to convert their existing state-level trust companies into federally chartered national trust banks at the same time.
In November, Ripple raised $500 million at a valuation of $40 billion. The funding round attracted investors including affiliates of Citadel Securities and Fortress Investment Group.
The company has been expanding its operations in recent months. In October, Ripple pushed deeper into the stablecoin market and pursued acquisitions in brokerage and treasury management.
A recent pilot program was announced with Mastercard to settle financial transactions using the XRP Ledger. This partnership adds credibility to XRP within the broader financial world.
XRP has increased by more than 400% over the past three years. However, the cryptocurrency has declined by 33% during the past three months due to broader market uncertainty.
The XRP exchange-traded fund launch has made it easier for investors to gain exposure to the cryptocurrency’s price movements. Cryptocurrency ETFs have previously been beneficial for Bitcoin and Ethereum, attracting billions of dollars in investments.
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