Altcoin
XRP attracts $1.2 million inflow amid sluggish altcoin market
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According to the most recent report from CoinShares, XRP, the seventh largest cryptocurrency by market capitalization, attracted inflows of $1.2 million last week. This surge is in contrast to the subdued activity seen in the broader altcoin market.
According to the recently released CoinShares report, digital asset investments received inflows of $2 billion, increasing the total over the past five weeks to $4.3 billion.
Bitcoin was once again the dominant target, with inflows of $1.97 billion, while altcoins, with the exception of Ethereum, saw only small activity. Ethereum recorded its biggest week of inflows since March, totaling $69 million, thanks to optimism about spot ETFs.
According to CoinShares relationshipXRP, along with Fantom, stood out, with inflows of $1.2 million and $1.4 million respectively.
While XRP is in the spotlight, other altcoins have only seen minor inflows. Solana, Litecoin, and Chainlink recorded inflows of $0.7 million, while Binance received only $0.2 million.
XRP shows a weekly pattern of increasing inflows; in the penultimate week, XRP received $0.8 million, compared to $0.4 million the previous week.
The reasons for the increase in XRP inflows could be a number of factors, including a shift in investor interest, although the actual explanation is unknown.
XRP Price Action
At the time of writing, XRP is up 0.37% over the past 24 hours at $0.496. XRP traded in a tight range following Friday’s sharp drop to lows of $0.454.
XRP has returned to trading below its 50 daily SMA at $0.522, raising the likelihood of short-term consolidation or range trading.
The first sign of strength would be a breakout of the 50 daily SMA ($0.522). In this situation, if the XRP price breaks out and closes above $0.54, it could indicate that the bulls are attempting to make a comeback. XRP may reach the upper barrier of $0.57.
Conversely, if the price breaks down below the current range support line at $0.48, XRP may test the $0.46 level again.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.