As an experienced analyst, I find the recent surge in XRP inflows intriguing, especially when compared to the lackluster activity observed in other altcoins. The CoinShares report highlights XRP’s attractiveness with inflows of $1.2 million, a trend that has been increasing week by week.
As a cryptocurrency market analyst, I’ve reviewed the latest CoinShares report, and I can tell you that XRP, the seventh-largest digital asset by market capitalization, has seen inflows of approximately $1.2 million over the past week. This flow is noteworthy given the relatively subdued activity observed among other altcoins in the market.
According to the latest CoinShares report, there was an inflow of $2 billion into digital asset investments over the past week, bringing the total for the previous five weeks up to $4.3 billion.
As a researcher studying the cryptocurrency market, I observed Bitcoin once again leading the pack with impressive inflows amounting to $1.97 billion. In contrast, altcoins, excluding Ethereum, experienced minimal activity during this period. However, Ethereum stood out with its remarkable week, witnessing substantial inflows worth $69 million, primarily driven by optimism surrounding spot-based ETFs.
As a researcher examining the latest CoinShares report, I’ve noticed that XRP and Fantom have distinguished themselves with impressive inflows. Specifically, XRP attracted $1.2 million, while Fantom saw $1.4 million flow in during the reported period.
As XRP attracts significant attention, other alternative coins experience limited inflows. Specifically, Solana, Litecoin, and Chainlink welcomed inflows amounting to $0.7 million each, whereas Binance saw just $0.2 million in inflows.
XRP has been exhibiting a weekly trend with rising deposits. In the previous week, XRP attracted approximately $0.8 million, marking an increase from the $0.4 million inflow in the preceding week.
“The increase in XRP inflows might be due to several reasons, such as heightened investor attention, but the precise cause remains uncertain.”
XRP price action
As I analyze the current market situation, XRP is currently experiencing a 0.37% increase, bringing its price to $0.496 after a 24-hour period. Since the significant drop on Friday, XRP has been confined to a narrow trading range with a low of $0.454.
XRP’s price has dropped back beneath its daily Simple Moving Average (SMA) 50, which is now at approximately $0.522. This development increases the possibility that XRP will either consolidate or engage in range trading over the near term.
As a researcher observing the XRP market, I would interpret the initial indication of a price increase as a break above the daily Simple Moving Average (SMA) 50 at $0.522. If this happens and the XRP price subsequently closes above $0.54, it suggests that bulls are making an effort to regain control. The potential outcome could be a rise in XRP’s value up to the resistance level of $0.57.
If the price of XRP drops beneath its present support level at $0.48, it could lead to a retest of the $0.46 price point.
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2024-06-10 13:46