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Crypto Markets Show Faint Recovery Signals Amid ETF Outflows
Confirmed
In Short: US-listed spot XRP ETFs experienced outflows, breaking a 11-day inflow streak, while Ethereum and XRP face potential price pressure. The RSI indicates strong but not overbought momentum, with the MACD suggesting a cooling phase.
US-listed spot XRP ETFs saw outflows totaling $7 billion, breaking a 11-day inflow streak, according to SoSoValue. If Ethereum and XRP continue to experience outflows, it could weigh on their price action, reducing the odds of sustained recovery.
The Relative Strength Index (RSI) at 67 shows strong but not yet overbought momentum, while the RSI around 62 suggests positive but not extreme buying pressure. The MACD shows the line below its signal and retreating, hinting at a cooling phase rather than a full-fledged reversal.
On the economic front, the ADP National Employment Report showed private employment rose by 38,000 jobs last month, below the 48,000 increase expected by economists, after an upwardly revised 46,000 in July.
This mixed economic data, coupled with the crypto market's technical indicators, suggests a cautious optimism for the near term, with the potential for further volatility as the market navigates these conditions.
What's confirmed
What's still developing
- US-listed spot XRP ETFs similarly saw outflows totaling $7 billion on Wednesday, breaking 11 consecutive days of inflows, according to SoSoValue.
- If Ethereum and XRP continue to experience outflows, supply could weigh on price action, reducing the odds of sustained recovery.
- At the same time, the Relative Strength Index (RSI) at 67 shows strong but not yet overbought momentum.
- Momentum remains constructive, with the RSI around 62, suggesting positive but not extreme buying pressure, while the MACD shows the line below its signal and retreating, hinting at a cooling phase rather than a…
- On the economic front, the ADP National Employment Report showed private employment rose by 38,000 jobs last month, below the 48,000 increase expected by economists polled by Reuters, after an upwardly revised…