The week saw a rise in XRP, the fifth-largest cryptocurrency by market value, which peaked on November 2 at $0.626.
The recent surge in cryptocurrency prices extended beyond Bitcoin to include smaller-cap assets, making for a turbulent week for the markets. A few tokens had a spike in value of over 10% within a week, indicating a bull market.
For example, XRP was up seven days in a row and was up as of the time of publication. XRP has increased by 12.58% over the previous seven days and has gained 1.05% over the past 24 hours to $0.614.
Crypto cycles have historically followed the trend of money progressively moving to smaller caps and riskier bets, with Bitcoin leading the initial increase.
https://x.com/intotheblock/status/1720471272688087049?s=20
The pattern for this week indicates that as Bitcoin and Ethereum go downwards, this rotation is starting to occur. According to IntoTheBlock, demand for cryptocurrencies appears to be primarily organic, driven by spot purchasing, notwithstanding the shift towards riskier assets.
The most recent CoinShares report provides proof of this. As previously said, $326 million was received for digital asset investment products, the largest weekly inflow since July 2022. At $296 million, 90% of the inflows went into bitcoin.
Significant inflows into cryptocurrencies have also been a consequence of the growing confidence. XRP has had inflows of $0.2 million during the past week.
What’s next?
Buyers of XRP will try to drive the price beyond the $0.626 barrier to the next one, which is $0.67. Buyers may face a serious challenge at this level once again, but if they easily pass it, the rally may continue to $0.75 and eventually $0.85.
To make a reversal, bears will need to pull the price of XRP down below the MA 200 at $0.5310; from there, it may go as high as $0.52, or the MA 50.
It is anticipated that the XRP moving averages will cross over in the next few days, so traders should monitor this movement.
