According to the latest report from CoinShares, XRP, the seventh-largest cryptocurrency by market cap, attracted inflows of $1.2 million last week. This increase contrasts with the moderate activity seen throughout the altcoin market.
According to the latest report from CoinShares, XRP, the seventh-largest cryptocurrency by market cap, attracted inflows of $1.2 million last week. This increase contrasts with the moderate activity seen throughout the altcoin market.
According to the recently released CoinShares report, digital asset investment received $2 billion in inflows, raising the total for the past five weeks to $4.3 billion.
Bitcoin was once again the dominant focus, with inflows of $1.97 billion, while altcoins except Ethereum saw only little activity. Ethereum posted its biggest week of inflows since March, totaling $69 million, thanks to optimism in spot ETFs.
According to CoinShares reportXRP, along with Fantom, stood out, with inflows of $1.2 million and $1.4 million, respectively.
While XRP is enjoying the spotlight, other altcoins have only seen minor inflows. Solana, Litecoin, and Chainlink all experienced inflows of $0.7 million, while Binance received just $0.2 million.
XRP Shows Weekly Pattern of Rising Inflows; In the previous week, XRP received $0.8 million, up from $0.4 million the previous week.
Tomiwabold OlajideThe reasons for the surge in XRP inflows could be due to a variety of factors, including a shift in investor interest, although the actual explanation is unknown.
XRP Price Action
At the time of writing, XRP was up 0.37% in the last 24 hours to $0.496. XRP has been trading in a tight range since Friday’s sharp drop to lows of $0.454.
XRP has returned to trading below its daily 50 SMA at $0.522, increasing the likelihood of consolidation or range trading in the near term.
Tomiwabold OlajideThe first sign of strength would be a break above the daily 50 SMA ($0.522). In this situation, if XRP price breaks and closes above $0.54, it could indicate that the bulls are trying to make a comeback. XRP could reach the upper barrier of $0.57.
On the contrary, if the price falls below the current range support line at $0.48, XRP may retest the $0.46 level.
