XRP rallies nearly 2% following a $300K capital injection.
Ongoing SEC appeal impacts trader sentiment and market dynamics.
Recent token unlock generates increased interest and demand from investors.
XRP gained nearly 2% today, driven by a recent $300,000 capital boost into XRP-based funds. This uptick follows the token unlock on October 1, which has sparked significant interest among investors.
Trading above the key support level of $0.5200, traders are closely monitoring the ongoing SEC appeal against Ripple. These factors create an engaging atmosphere for those in the cryptocurrency market.
XRP Fund Flows Signal Growing Demand
https://twitter.com/Utoday_en/status/1840733083441492324
According to the CoinShares Digital Asset Flows Report, XRP-based funds received a notable influx of capital. Last week, these funds attracted $300,000, indicating strong demand from institutional investors.
In comparison, leading assets like Bitcoin and Ethereum faced negative trends, with outflows of $159 million and $28.9 million, respectively. This shift highlights XRP’s emergence as a preferred choice among investors.
Traders remain focused on the SEC's Vs. Ripple lawsuit, aiming to overturn a recent court ruling. That ruling included a significant $125 million fine for Ripple’s institutional sale of XRP tokens.
Another key factor affecting XRP’s price is the recent unlock of 1 billion tokens. This unlock is part of Ripple's scheduled release plan, intended to maintain liquidity and support growth.
Technical Analysis: XRP's Future Outlook
Looking at technical indicators, XRP might see further losses of about 7%. The price has been on a downward trend since July 2023, following a high of $0.9380. Analysts suggest XRP could target liquidity at $0.5026. This price level is a critical support, and a breach may lead to increased selling pressure.
If the daily candlestick closes above the 200-day Exponential Moving Average at $0.5548, the bearish outlook could change. In such a case, XRP might drop to $0.6000, a psychologically key price level after the October 2 high.
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