The price of XRP has experienced a notable uptick, rising by 10% to reach $0.6921. This surge follows a series of significant transfers that sparked a buying frenzy in the market.
Notably, a transfer involving the movement of 100 million XRP from an undisclosed wallet to another contributed substantially to the bullish sentiment. Over the past week, XRP has seen an 8% increase, while over a month, it has surged by 30%.
Analyzing XRP market signals While the recent bullish activity has led to optimism among investors, some indicators suggest a potential correction in the near term. XRP’s relative strength index (RSI) has fallen to 65 after surpassing 70 just a day ago, indicating a possible overbought situation.
Additionally, the coin’s 30-day average has risen sharply above the 200-day average, signaling heightened market activity.
Despite these indicators, XRP’s recent underperformance in comparison to other major cryptocurrencies suggests room for further growth.
With a substantial increase in trading volume from $1.3 billion to $7 billion, there is considerable interest in the token, with Whales still actively acquiring XRP. As a result, market analysts anticipate continued upward momentum for XRP in both the short and long term.
XRP outlook and alternatives Investors are particularly optimistic about XRP’s prospects, driven by two key factors.
The ongoing bull market, fueled by rising Bitcoin ETF volumes, is expected to support XRP’s upward trajectory. Secondly, anticipation of a favorable settlement between Ripple and the U.S.
Securities and Exchange Commission (SEC) later this year is bolstering confidence in the token. A resolution in Ripple’s legal case would likely pave the way for renewed positivity surrounding XRP, potentially propelling its price to levels unseen in years.
With these factors in mind, analysts foresee XRP potentially surpassing the $1 mark by the summer, with further gains expected towards $3 by the end of the year.
Bitcoin Records $2.6B Weekly Inflow Amid Growing Wall Street Interests
Bitcoin is once again making waves in the financial world, hitting a new all-time high of over $71,000 on Monday, March 11. This surge comes alongside a remarkable uptick in market interest, particularly from the Wall Street players, as evidenced by the latest CoinShares report.
Meanwhile, the recent CoinShares report showed a $2.6 billion inflow into Bitcoin last week. This influx underscores the growing confidence in cryptocurrencies, especially among institutional investors.
Bitcoin Records $2.6B Inflow Amid Wall Street Buzz The latest report from CoinShares unveils a significant milestone in the cryptocurrency market. With a record-breaking $2.7 billion inflow into digital asset investment products, the total year-to-date influx has surged to $10.3 billion, nearly matching the entirety of 2021’s record.
Meanwhile, Bitcoin stands out as the primary focus of investors, capturing $2.6 billion in inflows, representing 14% of total Assets under Management (AuM) for the year. The report suggests that the surge was largely attributed to the robust influx witnessed by the U.S. Spot Bitcoin issuers.
In other words, this surge in Bitcoin’s inflows is indicative of Wall Street’s burgeoning interest in the digital currency. Despite recent price hikes, investors continue to pour funds into Bitcoin, with even short Bitcoin products witnessing a further $11 million inflow last week.
In addition, other cryptocurrencies like Solana, Polkadot, Fantom, Chainlink, and Uniswap are also seeing notable inflows, signaling a broader shift towards digital assets.
A Closer Look Into The Report The Digital Asset Fund Flows Weekly Report showed that last week’s inflows bring the year-to-date total to US$10.3 billion, nearing the 2021 record of US$10.6 billion. While Bitcoin steals the spotlight with its monumental inflows, other cryptocurrencies experience varied fortunes.
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