Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the most recent CoinShares report, digital asset investment products received $1.1 billion in inflows in the past week, as the momentum of inflows into Bitcoin ETFs appeared not to be slowing. This brings year-to-date inflows to $2.7 billion, while AuM is at its highest level since early 2022 at $59 billion.
The attention remains on the recently launched spot-based Bitcoin ETFs in the United States, which saw a net $1.1 billion inflow last week, bringing total inflows to $2.8 billion since their inception on Jan. 11.
XRP, the sixth-largest cryptocurrency by market capitalization, saw $0.3 million in inflows, which continued for the second consecutive week. In the week before last, XRP received $0.1 million in inflows. Overall, XRP's year-to-date flows total $4 million.
Tomiwabold OlajideXRP appears to have benefited from the positive sentiment surrounding the approval and launch of the first Bitcoin exchange-traded funds (ETFs) in the U.S., which has sparked a lot of enthusiasm and interest in the cryptocurrency market.
XRP price action
At the time of writing, XRP was down 2.84% in the last 24 hours to $0.518. The XRP price recovered to highs of $0.5316 on Feb. 11 before sellers took a profit.
In the immediate term, the daily moving averages of 50 and 200 at $0.557 and $0.57, respectively, are important levels to keep an eye on.
If buyers overcome these hurdles, XRP might begin its journey toward the $0.623 mark. A break and close above this critical level could imply that the bulls are back in control, with XRP potentially rising to $0.67.
On the other hand, critical support on the downside is $0.50. Given that the bears were unable to drop and sustain XRP below the $0.50 support level at the end of January, the bulls may be defending it.
A close below this level might signal that the bears have the upper hand, and XRP may fall to $0.46.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya