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.Nonetheless, XRP’s net inflows remain positive, suggesting an increasing likelihood of a sale.
According to data from CoinGlass, in the past 24 hours, XRP outflows, which refer to assets outflowed from spot exchanges, amounted to $247.28 million. This almost offsets the $261.24 million inflow of XRP deposited in the spot market. This difference resulted in a positive net inflow of $13.97 million, indicating a sell advantage.
The Canary XRP ETF (ticker XRPC) topped $26 million in trading within 30 minutes of its launch, reflecting interest in the ETF. 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 is looking to offset the previous day’s losses, falling 0.09% to $2.26 over the past 24 hours.
XRP increases whale activity
XRP has seen an increase in whale activity over the past 24 hours, coinciding with the launch of the Canary XRP ETF and selling pressure in the market.
In another transaction, 96,152,284 XRP worth $223,335,587 was transferred from an unknown wallet to the Coinbase crypto exchange.
