Although the demand for XRP ETFs has slowed substantially in recent days following the recent crypto market volatility, they have remained persistent even in small quantities.
Amid the slow but steady demand for the XRP investment product, the latest onchain data shows that Franklin Templeton has just bought XRP, even as its price remains unstable.
$3.5 million of XRP scooped
As of October 23, data from SosoValue shows that Franklin Templeton's XRP ETF has recorded up to $3.55 million in net inflows during its last daily trading session on Thursday.
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With the Franklin XRP ETF attracting up to 2.71 million XRP worth about $3.55 million in net inflows at a time like this, the fund has taken dominance for the day as other XRP ETFs saw zero capital flows for the day.
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Notably, the inflow recorded by the fund provides a bullish outlook for XRP as it signals sustained demand from investors seeking exposure to the asset without directly holding it.
However, XRP's price movement at the time of the purchase remains concerning to market participants as the broad market momentum continues to fade.
Can This Trigger an XRP Rally?
It is important to note that while Franklin Templeton's latest XRP purchase provides a positive signal for demand for its XRP investment product, it does not guarantee an immediate price recovery for the asset.
XRP's current price movement remains subject to broader market sentiment, which is currently bearish as other major crypto assets are also witnessing a price correction.
Nonetheless, market analysts predict that sustained demand for the XRP ETF could drive bullish momentum for the price.