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Amsterdam-based crypto trader and analyst Michael van de Poppe has taken to Twitter to share a scenario he expects XRP coin to follow in the near future.
Holding $0.47 as support
Sharing this XRP analysis on the request of his followers, Poppe tweeted that he expects the sixth largest coin by market cap to hold the $0.47 level as support. If it falls through it, then it may test $0.41-$0.42 before the coin attempts to make a reversal or go upward again.
The analyst emphasized that the recent release of the Hinman emails made a great impact on the coin's price. Immediately after the documents were released last week, XRP soared around 8.5%. But then, the coin suddenly rebounded and went sharply down, losing 14.82% by now.
At the time of this publication, XRP is changing hands at $0.47835 on the Bitstamp exchange.
Request 01 - $XRP
— Michaël van de Poppe (@CryptoMichNL) June 20, 2023
This scenario is still making sense.
Heavy sweep after the Hinman emails.
Expecting to see $0.47 hold as support, otherwise we'll be seeing a case where we'll test $0.41-0.42 before we'll see some reversal or upwards movements. pic.twitter.com/RhtXV1DZ3B
Institutional investors grabbing XRP
As covered by U.Today, last week, CoinShares wealth management company saw massive inflows into its digital asset-based funds. XRP was the biggest winner here as investment inflows into this Ripple-affiliated coin totaled $1.1 million on a weekly basis, $2.2 million month-to-date and $6 million year-to-date. In total, CoinShares holds $48 million worth of XRP under its management.
In the meantime, the two largest crypto assets – Bitcoin and Ethereum – saw major outflows last week as the funds were withdrawn by financial institutions. Bitcoin saw $0.5 million of investments withdrawn and Ethereum lost $5 million last week.
XRP investments have been rapidly growing after the recent release of the above-mentioned Hinman documents as the final decision of the judge on the Ripple-SEC case is now expected to be announced quite soon. Should this happen, many expect the XRP price to skyrocket.
At the moment, the coin is trading 87.49% below the all-time high of $3.84 reached on Jan. 4, 2018.
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Vladislav Sopov