Leading Asset Manager Bitwise Moves $15.4 Million of XRP Off Supply

Leading asset management firm Bitwise has sparked discussions following its consistent $XRP purchases while $XRP continues to show mixed price actions as momentum begins to fade.

Per recentdatashowcased by Whale Insider, Bitwise has extended its $XRP buying streak after it bought a large amount of $XRP worth $15.4 million.

$XRP institutional demand skyrockets

The recent price breakout has sparked confidence across the $XRP ecosystem, fueling rising demand among both retail and institutional investors.

The bullish momentum has extended to the $XRP ETF market as all existing funds have continued to record steady daily inflows for the past two weeks.

Following this consistent capital injection in the $XRP ETF market, Bitwise has continued to record growing demand for its $XRP product from institutional investors.

Its latest $XRP purchase has particularly drawn attention from market analysts as it has come when $XRP has turned negative, reversing from its recent bullish performance.

$XRP exits bullish zone

Despite the sustained demand from $XRP institutional investors, it appears that momentum is fading as the asset has suspended its price rally, returning to red territory.

Latest on-chain data shows that$XRPhas retreated to the $1.3 price level, showing a price decline of about 2% over the last 24 hours as speculative trading appears to be outweighing its demand.

Although $XRP has slowed from its recent price surge, the asset still maintains the highest price gain for this month following several months of extreme volatility.

Source: cryptonews.net