Bitwise has extended its buying streak for XRP with a purchase worth $15.4 million, drawing attention as XRP’s recent rally loses momentum and the token returns to negative territory.
Bitwise XRP purchase highlights institutional demand
According to recent data highlighted by Whale Insider, the leading asset management firm has continued accumulating XRP despite mixed price action. The latest purchase comes after a recent breakout that increased confidence across the XRP ecosystem and supported stronger demand from retail and institutional investors.
Momentum has also carried into the XRP exchange-traded fund (ETF) market, where all existing funds have recorded steady daily inflows over the past two weeks. This continued capital injection has coincided with growing institutional demand for Bitwise’s XRP product.
Bitwise’s latest XRP purchase has drawn particular attention because it occurred as XRP reversed from its recent bullish performance and began trading lower. The buying activity suggests that some institutional investors remain interested in the asset despite its short-term weakness.
XRP retreats to the $1.30 level
Despite sustained institutional demand, XRP’s momentum appears to be fading. The cryptocurrency has paused its price rally and returned to red territory, with the latest on-chain data showing a retreat to around $1.30.
XRP has declined by approximately 2% over the past 24 hours, indicating that speculative trading may currently be outweighing underlying demand. Even after slowing from its recent surge, however, XRP continues to post the strongest monthly price gain following several months of extreme volatility.
