XRP saw net outflows from spot exchange-traded funds for the first time in the past month, and its market-capitalisation ranking slipped by one notch.

U.Today, a blockchain media outlet, reported on Aug. 6 that XRP spot ETFs recorded net outflows of $3.58 million in a daily trading session.

The outflow came alongside weakness in XRP's price. XRP has traded in recent days as one of the worst-performing assets among the top 10 cryptocurrencies by market capitalisation. It retested its previous low range and showed a pattern of losing upward momentum. Talk in parts of the market of a retest of $1.04 is also an extension of this weak trend.

Bitwise accounted for all of the outflows. Other XRP spot ETFs had no trading activity in the same session, with neither inflows nor outflows.

The market mood is that this move is not being seen as a simple one-day fluctuation. The XRP spot ETF market has shown relatively resilient flows even as steady outflows continue in other products. As a result, assessments are emerging that this exit was not something typically seen frequently.

Investors are paying particular attention to possible changes in the stance of institutional money. The fund redemptions increased concerns among market participants and are being read as a sign of more cautious trading, along with the possibility that institutional investors have begun to lose interest in XRP. The lack of activity in other funds also reinforced an impression that strong buy-side demand was not lining up.

Worsening price action and fund flows also led to a change in market-capitalisation rankings. XRP slid in recent declines to a level not seen this month, and its market capitalisation also fell sharply. As a result, XRP lost its fourth-place spot by market capitalisation and has now dropped to sixth.

In the process, BNB overtook XRP. XRP's weakness did not stop at price declines and instead led to a change in its standing in the market.

A key point to watch is whether this net outflow remains a temporary departure or leads to a change in the stance of institutional money. With outflows occurring only at Bitwise and no movement in other products, data from additional trading days has become important. XRP is currently at a point where a price retest, ETF fund flows and market-capitalisation ranking shifts are all interacting at once. If this trend continues, it could weigh more heavily on overall investor sentiment in the XRP market.