In the bullish environment that has dominated the cryptocurrency scene, XRP has become a notable beneficiary, attracting a staggering $2.5 million amid a wave of massive inflows into the cryptocurrency market.
In the bullish environment that has dominated the cryptocurrency scene, XRP has become a notable beneficiary, attracting a staggering $2.5 million amid a wave of massive inflows into the cryptocurrency market.
The cryptocurrency market has recently seen a surge in capital inflows, with investors flocking to various digital currencies in search of profitability and diversification opportunities.
According to the most current CoinShares According to the report, digital asset investment products experienced the second-highest weekly inflows on record, totaling $1.84 billion.
Investment product trading volumes hit a new high of over $30 billion during the week; 94% of inflows went to Bitcoin, totaling $1.72 billion. Ethereum recorded weekly inflows of $85 million.
Even though Bitcoin received the most inflows, XRP has managed to stand out among other cryptocurrencies, some of which have seen outflows in the last week, indicating its appeal to a wide range of investors. Solana, for example, recorded capital outflows worth $12 million. Meanwhile, Binance, Litecoin, Cardano, and Chainlink had lower inflows than XRP, with $0.4 million, $1.2 million, $0.3 million, and $1.6 million, respectively.
While XRP’s price performance has often come under scrutiny, these recent inflows underscore a growing sense of optimism around the digital asset.
XRP Price Action
XRP rose after surpassing its daily moving averages on February 27. XRP’s advance since this date has been marked by minor setbacks, but the bulls have been able to take advantage.
In a huge feat, the bulls were able to break through the late December 2023 resistance high of $0.658 and reach highs of $0.665 during today’s trading session.
However, the price has been unable to hold above this level, with XRP falling slightly to $0.654 at press time, despite being up 4.37% in the last 24 hours. XRP is up 23% in the last seven days.
On the upside, if the $0.654 level is broken, XRP will find the next resistance at $0.70. If this is achieved, XRP may attempt to rise to $0.74. Intermediate downside support is at $0.588, followed by $0.562.
