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XRP, ADA in Record-Breaking Inflow Surge — Largest Bull Run Since 2021

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Mon, 27/11/2023 - 16:30
XRP, ADA in Record-Breaking Inflow Surge — Largest Bull Run Since 2021
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Cryptocurrencies XRP and Cardano (ADA) are not left out of the recent market optimism, with the ETF anticipation fueling the largest surge in inflows since late 2021.

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According to the most recent CoinShares report, digital asset investment products attracted $346 million in inflows in the previous week.

Notably, this is the largest weekly inflow in a nine-week run spurred by the anticipation of a spot-based ETF launch in the U.S. This run, remarkably, is the largest since the bull market in late 2021.

XRP and ADA saw inflows in the past week totaling $0.2 million and $0.6 million, respectively, alongside cryptocurrencies Bitcoin and Ethereum, which likewise saw inflows.

Bitcoin witnessed $312 million in inflows last week, pushing the year-to-date total to just over $1.5 billion, while short-sellers continue to capitulate.

Ethereum had $34 million inflows in this period, increasing the four-week total to $103 million, nearly reversing its run of outflows this year and signaling a decisive turnaround in sentiment.

XRP, ADA outlook

On-chain data paints a promising outlook for XRP and Cardano, despite current price decreases.

At the time of writing, both XRP and Cardano were down 3.48% and 2.33% in the last 24 hours, respectively, mirroring general crypto market declines.

Increasing accumulation is spotted among XRP whales, who recently purchased 11 million XRP, per on-chain data.

Related
XRP Flips Cardano (ADA) for Most Traded Among Whales, Here's What Is Going On

Also based on on-chain data, Cardano is trading at a major demand zone between $0.37 and $0.38, where 166,470 wallets purchased 4.88 billion ADA.

According to Ali, a crypto analyst, with minor resistance ahead and solid support below, staying above this zone might pave the way for ADA to reach new yearly highs. If this support is lost, ADA might fall to $0.34 or $0.33.

In the event of an uptrend, ADA must close above $0.40 to advance toward $0.46.

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