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XRP Attracts $1.2 Million Inflow Amid Altcoin Market Doldrums

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Mon, 10/06/2024 - 10:31
XRP Attracts $1.2 Million Inflow Amid Altcoin Market Doldrums
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According to the most recent CoinShares report, XRP, the seventh-largest cryptocurrency by market cap, attracted inflows of $1.2 million in the past week. This surge stands in contrast to the subdued activity observed across the broader altcoin market.

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Per the recently released CoinShares report, digital asset investment received $2 billion in inflows, increasing the total for the last five weeks to $4.3 billion.

Bitcoin was once again the dominant focus, with $1.97 billion inflows, while altcoins, except Ethereum, experienced just a little activity. Ethereum saw its greatest week of inflows since March, totaling $69 million, drawing from spot-based ETFs optimism.

According to the CoinShares report, XRP, alongside Fantom, stood out, with inflows of $1.2 million and $1.4 million, respectively.

While XRP basks in the spotlight, other altcoins have seen only minor inflows. Solana, Litecoin and Chainlink experienced inflows of $0.7 million, while Binance received only $0.2 million.

XRP is showing a weekly pattern of increasing inflows; in the week before last, XRP received $0.8 million, up from $0.4 million the week earlier.

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The reasons for the XRP inflow rise could be a variety of factors, including a shift in investor interest, although the actual explanation is unknown.

XRP price action

At the time of writing, XRP was up 0.37% in the last 24 hours to $0.496. XRP has been trading in a tight range since Friday's sharp plunge to lows of $0.454.

XRP has returned to trade below its daily SMA 50 at $0.522, increasing the likelihood of consolidation or range trading in the short term.

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The first sign of strength would be a break over the daily SMA 50 ($0.522). In this situation, if the XRP price breaks and closes above $0.54, it could indicate that bulls are attempting to make a comeback. XRP could reach the overhead barrier of $0.57.

On the contrary, if the price falls below the current range support line at $0.48, XRP may retest the $0.46 level.

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