XRP Attracts $1.2 Million Inflow Amid Altcoin Market Crisis

XRP Attracts $1.2 Million Inflow Amid Altcoin Market Crisis

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.

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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.

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The 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.

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Sat, 06/08/2024 – 13:56
XRP Surge 103% in Volume as Market Faces $410 Million Liquidation

The 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.

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