Altcoins
XRP attracts $1.2M in inflow amid Altcoin market doldrums
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According to the most recent CoinShares report, XRP, the seventh largest cryptocurrency by market capitalization, attracted inflows of $1.2 million last week. This surge contrasts with the subdued activity seen in the broader altcoin market.
According to the recently released CoinShares report, investments in digital assets received $2 billion in inflows, bringing the total for 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 little activity. Ethereum saw its biggest week of inflows since March, totaling $69 million, building on optimism from spot ETFs.
According to CoinShares reportXRP, alongside 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 saw inflows of $0.7 million, while Binance received only $0.2 million.
XRP shows weekly trend of increasing inflows; in the previous week, XRP received $0.8 million, compared to $0.4 million in the previous week.
Related
The reasons for the increase in XRP inflows could be various factors, including a change in investor interest, although the actual explanation is unknown.
XRP Price Action
At the time of writing, XRP was up 0.37% over the past 24 hours to $0.496. XRP has been trading in a tight range since Friday’s sharp drop to a low of $0.454.
XRP has moved back below its daily 50 SMA at $0.522, increasing the likelihood of a consolidation or trading range in the near term.
Related
The first sign of strength would be a breakout from the daily SMA 50 ($0.522). In this situation, if XRP price breaks and closes above $0.54, it could indicate that the bulls are trying to make a comeback. XRP could reach the $0.57 overhead barrier.
On the contrary, if the price falls below the current support line of $0.48, XRP could retest the $0.46 level.