Bitcoin ETFs See $196M Outflow and XRP Slides Desp

Bitcoin ETFs See $196M Outflow and XRP Slides Despite Japan’s First XRP ETF News

XRP prices dipped even as Japan’s financial powerhouse SBI Holdings unveiled plans to launch the country’s first XRP-focused exchange-traded fund. Technical indicators suggest that the token may be losing momentum.

According to data analytics firm Glassnode, over 96% of XRP wallets remain in profit, a level that historically coincides with short-term market tops. Adding to this concern is a bearish divergence between XRP’s rising price and falling relative strength index (RSI), signaling weakening upward momentum and making traders more cautious.

Looking at current price action, if XRP manages to break above the $3.07 level and then moves toward $3.48, $3.59, $3.71, and potentially $3.99, it becomes plausible. However, a dip below $2.88 could shift sentiment toward the downside, with targets at $2.67 and $2.45. The 20-week Exponential Moving Average (EMA), currently hovering around $2.52, may act as a key dynamic support level during this correction phase.

While XRP struggles with upward momentum, the broader crypto market is also experiencing headwinds. U.S.-listed spot Bitcoin ETFs posted $196 million in net outflows on August 5, marking the fourth consecutive day of investor withdrawals. The outflows come from a sharp decline in Bitcoin’s price, which slid 3.5% over the past week to trade around $114,125.

Fidelity’s FBTC led the outflow tally with $99.11 million in redemptions, closely followed by BlackRock’s IBIT, which saw $77 million withdrawn. These ETF outflows contrast sharply with the trend seen in July, when Bitcoin ETFs recorded only five days of net outflows throughout the entire month.