$XRP is seeing a notable resurgence in institutional demand as its ETF market has begun to record significant daily inflows compared to the previous week.
On Wednesday, May 6, ETF tracking platform SosoValue provided data revealing that the $XRP ETFs achieved a total net inflow of $11.28 million in their last 24-hour trading session.
While this marks a major resurgence from the little to no fresh capital intake seen in the previous days, it represents the strongest single-day inflow recorded in over two weeks. As such, it appears that the ongoing market rally has triggered renewed confidence among institutional investors.
$XRP ETFs at $1.3 million milestone
With the latest inflow achieved by the $XRP ETFs, their total cumulative net inflows are now sitting at $1.31 million, marking a major milestone for the $XRP community.
While this shows that the $XRP ETF market has maintained steady growth since its inception late last year, it has also achieved combined net assets worth $1.09 billion despite the heavy slowdown seen earlier this year.
This improved performance from the $XRP ETFs is coming amid the broader crypto market rally, which has fueled an increase of 3.30% in the price of $XRP over the last day.
Following this bullish momentum, $XRP is trading at $1.45 as of the time of writing, signaling surging demand among both retail and institutional investors.
Canary leads with highest inflow
It appears that investors in the Canary $XRP ETFs are most confident about $XRP as they have poured the largest amount of capital into the fund, bringing its inflow for the day to $7.50 million.
The Bitwise $XRP ETF also signaled decent optimism from investors as it came second with an inflow of $2.68 million for the same day.
