Bullish Chatter Meets ETF Demand: XRP Sentiment Surges as Solana Funds Pull In Cash
- Retail trader sentiment for XRP is strongly bullish, registering the seventh-highest count of positive social comments this year while the token traded near US$2.
- Spot XRP ETFs continued their streak of positive net inflows for 19 consecutive days, with total inflows approaching US$974.5 million.
- Solana ETFs also recorded a seven-day streak of positive inflows (totaling around US$674 million).
Retail traders stayed positive on XRP this week even as the token traded near the US$2 level (about AU$3.06), according to crypto analytics firm Santiment.
Santiment said the week saw the seventh-highest count of bullish XRP comments this year across major crypto social channels it tracks, including Telegram, Discord, subreddits and X.
XRP traded between roughly US$1.99 (AU$3.04) and US$2.17 (AU$3.32) in the last seven days and was around US$2.03 (AU$3.11) on Saturday, CoinGecko data showed.
Flows into spot XRP ETFs also remained positive, with SoSoValue data showing about US$20.1 million (AU$30.75 million) of net inflows on Friday, extending the streak to 19 straight days. Total inflows were close to US$974.5 million (AU$1.49 billion), with assets under management at about US$1.18 billion (AU$1.81 billion).
Related: Bitcoin and Ether Slip into Choppy Trading as Fed Signals Cautious Path After Rate Cut
Solana ETFs Takes In Fresh Money
Solana ETFs also took in fresh money despite SOL’s weaker price. Farside Investors’ data showed a seven-day inflow streak, led by about US$16.6 million (AU$25.40 million) on Tuesday. Total net inflows were about US$674 million (AU$1.03 billion).
Solana spot ETFs launched in July and expanded in October of this year, with some analysts pointing to the products as a sign of continued interest from traditional finance investors even during the wider crypto market pullback.
Solana has seen a lot of institutional support and interest. Recently, JP Morgan used the Solana network to carry out a US$50 million (AU$77.1 million) tokenised commercial paper transaction for Galaxy Digital.
Related: From Taboo to Ticker Tape: Satoshi Nakamoto Appears on Wall Street
The post Bullish Chatter Meets ETF Demand: XRP Sentiment Surges as Solana Funds Pull In Cash appeared first on Crypto News Australia.
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