Crypto trader and analyst Michael van de Poppe, who is located in Amsterdam, recently shared a scenario on Twitter that he believes the XRP coin will soon follow.
Holding $0.47 as support
On the request of his fans, Poppe posted this XRP analysis and stated that he anticipates the sixth-largest currency by market size to maintain the $0.47 level as support. If it breaks through it, it could test $0.41–$0.42 before the coin tries to reverse or go higher once more.
The expert emphasised that the price of the currency was significantly affected by the recent revelation of the Hinman emails. The moment the docs were made public last week, XRP shot up by about 8.5%. The coin then abruptly recovered and fell quickly, losing 14.82% as at this moment.
At the time this article was published, XRP was trading on the Bitstamp platform for $0.47835 per unit.
Institutional investors grabbing XRP
The financial management business CoinShares had significant inflows into its digital asset-based funds last week, as reported by U.Today. The largest winner in this case was the Ripple-affiliated coin XRP, which had investment inflows of $1.1 million per week, $2.2 million thus far this month, and $6 million thus far this year. CoinShares is the manager of XRP valued $48 million in total.
The two biggest crypto assets, Ethereum and Bitcoin, experienced significant outflows of money last week as a result of the withdrawal of cash by financial institutions. Last week, investors withdrew $0.5 million from Bitcoin and lost $5 million on Ethereum.
Following the recent disclosure of the aforementioned Hinman documents, investments in XRP have been increasing quickly since it is now anticipated that the judge’s final ruling in the Ripple-SEC case will be made public very soon. Many anticipate that the price of XRP would soar should this occur.
The currency is now trading 87.49% below its all-time high of $3.84, which was attained on January 4, 2018.
