As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I must admit that my heart skips a beat whenever I see positive news about XRP. The potential for profit is undeniable, and the latest inflows of $0.3 million into XRP investment products are a testament to this.
The seventh-largest digital currency, XRP, has seen an increase in investment as investor excitement rises and speculation grows about the potential upcoming reduction in interest rates by the U.S. Federal Reserve. Hints from the Federal Reserve suggest a potential adjustment in monetary strategy, which is generally viewed positively for cryptocurrencies.
Following the announcement about possible monetary relaxation, there was an upward surge in the crypto market, with XRP being one of the beneficiaries.
As per the latest report from CoinShares, there were investments worth approximately $0.3 million into XRP-related products last week. This surge in investment occurred during a generally positive period for the crypto market as a whole.
📈 In the past week, a record inflow of USD 533 million was observed in digital asset investment products, marking the highest inflow in five weeks. Bitcoin led the way with investments amounting to USD 543 million.
Check out our comprehensive report for more insights:
— CoinShares (@CoinSharesCo) August 26, 2024
Over the past seven days, as indicated in a report published on Monday by CoinShares, there’s been an influx of approximately $533 million into digital asset investment products – the largest inflow seen in five weeks. This influx appears to have been triggered by Jerome Powell’s comments at the Jackson Hole Symposium, where he hinted that the initial interest rate cut might take place in September.
In this context, Bitcoin received a significant amount of investment, approximately $543 million, suggesting its responsiveness to changes in interest rate predictions. The remaining investments were distributed among alternative cryptocurrencies, such as XRP, while Ethereum experienced withdrawals totaling around $36 million.
XRP price action
Currently, at the point of composition, XRP experienced a decline of approximately 2.36% over the past 24 hours and settled at $0.59. This dip mirrors a broader trend of investors cashing out their profits in the cryptocurrency market.
During the weekend trading sessions, XRP reached a peak of $0.631, but bullish momentum met a roadblock. Subsequently, there was a wave of selling that started on Sunday and extended into Monday, causing XRP to plummet to its lowest point of $0.586 during these trades.
If the downward trend persists, the 50-day Simple Moving Average (SMA) at 0.567 could become a potential support level for XRP. If this happens, it suggests that XRP may stay within the $0.41 to $0.64 price range for an extended period. However, if the market recovers and buyers manage to surpass the $0.63 mark, reaching $0.64 could prove difficult due to strong resistance at this level.
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2024-08-26 19:39