The seventh-largest cryptocurrency by market capitalization, XRP, has seen a startling 600% increase in inflows lately. The market as a whole is experiencing uncertainty at the moment of this amazing inflow, which makes XRP’s performance even more impressive.
The most recent CoinShares report states that with $130 million in inflows, digital asset investment products saw growth for the first time in five weeks.
After a miserable month thus far, Bitcoin had $144 million in inflows. XRP had a 600% rise in inflows, totaling $0.6 million, as opposed to zero inflows the week before. Considering the varied bag of cryptocurrency performance—ETH had large outflows—the surge in XRP inflows is still notable.
https://x.com/CoinSharesCo/status/1790037680987775248
As seen by Ethereum outflows totaling more than $14 million, U.S. authorities’ little engagement with issuer applications for Ethereum ETFs has lowered expectations for an ETF launch.
Market uncertainty persists
The bitcoin market has experienced rising volatility and declining investor confidence in recent weeks. Three significant economic reports this week may even increase volatility.
Surging markets are preferred by traders over range-bound ones. Traders tend to back off when there is uncertainty about the direction of the next move, which seems to be the case at the moment.
The on-chain activity of Bitcoin is at an all-time low, and on-chain analytics company Santiment highlights “fear and indecision” as the reason. Transactions by traders have significantly reduced, although this may not always portend more price declines.
The price of XRP seems to be limited to a range; it has been falling slowly since reaching a top of $0.57 on May 6.
The XRP price behaviour conjecture is strengthened by the formation of a death cross lately. Thus, a break above the 50 and 200 moving averages would be the first sign of strength for the price of XRP. Regarding this, the $0.642 and $0.662 levels may be the targets of a fresh bullish trend.
However, selling in the cryptocurrency market might push XRP’s price to $0.46, where support is anticipated.
