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XRP Rides Wave of $1.1 Billion Market Inflows as Bitcoin ETFs Heat Up

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Mon, 12/02/2024 - 15:16
XRP Rides Wave of $1.1 Billion Market Inflows as Bitcoin ETFs Heat Up
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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.

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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.

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XRP 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.

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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.

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