XRP Sentiment Turns Bullish Amid ETF Inflows and Market Developments
According to Cointelegraph, trader sentiment towards XRP has shown a bullish trend on social media platforms, as reported by market intelligence platform Santiment. This shift in sentiment coincides with a continued streak of inflows into XRP's exchange-traded funds (ETFs). Retail traders remain optimistic about XRP, which is currently hovering around the $2 mark. Santiment noted that the week recorded the seventh-highest number of bullish comments for the year, based on data from its analytics platform Sanbase. This platform monitors social interest across various cryptocurrency social channels, including Telegram, Discord, subreddits, and X. Santiment highlighted that XRP's market value is currently around $2.00, with sentiment showing bullishness across social media.
XRP has been fluctuating between $1.99 and $2.17 over the past week and was trading at $2.03 as of Saturday, according to crypto data aggregator CoinGecko. Despite the optimistic sentiment, analysts suggest that bears still have significant control over the price movements. Meanwhile, spot XRP ETFs have continued to experience positive flows, with over $20.1 million recorded on Friday, marking 19 consecutive days of net inflows, as reported by crypto research and investment platform SoSoValue. This ongoing influx has pushed cumulative total inflows to nearly $974.5 million, with total assets under management (AUM) reaching approximately $1.18 billion. Notably, November 14 was the strongest day for XRP ETF inflows, with over $243 million, while November 18 saw the second-highest intake with $164 million.
In related developments, Ripple has been building momentum towards the end of the year. The company was approved for a national trust bank charter by the U.S. Office of the Comptroller of the Currency, alongside stablecoin issuer Circle. Additionally, BitGo, Fidelity Digital Assets, and Paxos received approval to convert their existing state-level trust companies into federally chartered national trust banks. In November, Ripple raised $500 million at a valuation of $40 billion, attracting investors including affiliates of Citadel Securities and Fortress Investment Group. A month earlier, Ripple expanded its presence in the stablecoin market and pursued acquisitions in brokerage and treasury management. Giannis Andreou, founder and CEO of crypto miner Bitmern Mining, commented on social media that Wall Street's continued buying suggests a potential narrative shift in the market.
