XRP has recently seen significant spot activity, with spot flows for the cryptocurrency surging 2,490% within an eight-hour period, according to CoinGlass data. Despite this, XRP's net inflows remain positive, suggesting increased selling potential.
This follows a recent sell-off in the market, which wiped off over $1.2 billion in liquidations on Friday, with XRP marking four straight days of drop.
In the last 24 hours, XRP outflows, which refer to assets leaving spot exchanges, came in at $247.28 million, according to CoinGlass data. This nearly offsets inflows, referring to XRP deposited in spot markets, which came in at $261.24 million. This difference yields a positive net inflow of $13.97 million, indicating predominant selling activity.
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On Thursday, Canary XRP ETF, the first pure-play 33 Act fund, launched in the U.S. XRP's price surged to $2.52 ahead of the launch only to drop to $2.27 afterward.
Some investors might be selling their assets, which might have contributed to the drop, in order to buy them back in the form of ETFs, which offer tax advantages under the current rules in the U.S.
Canary XRP ETF with the ticker XRPC topped $26 million in trading within 30 minutes of launch, reflecting interest in the exchange-traded fund. XRPC recorded $58 million in day-one volume, the most of any ETFs launched this year (out of 900), surpassing the Solana Bitwise ETF's $57 million.
At the time of writing, XRP was attempting to offset prior day losses, down 0.09% in the last 24 hours to $2.26.
XRP sees increased whale activity
XRP has seen increased whale activity in the last 24 hours, coinciding with Canary XRP ETF's launch and selling pressure in the market.
Blockchain data tracker Whale Alert reports three transactions of 96,269,897 XRP ($222,827,469), 96,137,559 XRP ($222,956,271) and 55,000,000 XRP ($126,258,954) shifted between unknown wallets.
In a separate transaction, 96,152,284 XRP worth $223,335,587 was transferred from an unknown wallet to the Coinbase crypto exchange.
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