XRP Sees Strong Institutional Interest as ETF Approval Countdown Begins

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XRP Sees Strong Institutional Interest as ETF Approval Countdown Begins

XRP funds recorded another week of strong inflows of $61.6 million. This indicates institutional interest in the Ripple coin remains intact ahead of anticipated approval by the U.S. Securities and Exchange Commission (SEC) this week. The price rebounded over 10% in the last 24 hours.

XRP Saw Massive $61.6 Million in Inflows

Inflows into XRP continued for the 18th consecutive week, as per CoinShares data on October 13. Ripple coin recorded $61.6 million in inflows despite massive selloffs by investors last week, indicating institutional investors remain bullish on the crypto asset.

Source: CoinShares

While the U.S. government shutdown and crypto market crash caused XRP to fall below $2.50 and inflows slowed, sentiment remained bullish. Inflows into Ripple coin were $219 million in the previous week.

Wall Street firms are expecting massive inflows into XRP ETFs, higher than the demand witnessed by the Rex-Osprey XRP ETF (XRPR). Canary Capitals Steve McCurve estimated $3 to $5 billion in first-year inflows, which could double the market cap to take the price toward the $5 mark.

Notably, six spot XRP ETF decisions are due between October 18 and 25, with the SEC‘s final deadline for a decision on Grayscale’s ETF due this week. Decisions on 21Shares, Bitwise, WisdomeTree, CoinShares, and Canary Capital applications are due next week.

XRP ETF Decision Deadlines

ETF expert Nate Geraci said spot crypto ETF floodgates to open as soon as the U.S. government shutdown ends. He added that its ironic that growing fiscal debt and usual political theater are delaying it, which crypto aims to resolve.

Ripple Coin Price Rebound 10%

The key support level to watch is $2.58, the 200-day moving average. Also, the resistance level is at $2.74 and $2.80, respectively.