Main navigation

XRP to Hold $0.47 as Support, Here's What Happens Otherwise: Prominent Analyst

Tue, 06/20/2023 - 15:10
article image
Yuri Molchan
Major crypto analyst shares likely XRP scenario as institutional inflows into this coin surge
XRP to Hold $0.47 as Support, Here's What Happens Otherwise: Prominent Analyst
Cover image via

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.

Read U.TODAY on
Google News

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.

Deutsche Bank Attempts to Gain Crypto Custody Service License: Details

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In the meantime, the two largest crypto assets – Bitcoin and Ethereum – saw major outflows last week as the funds were withdrawn by financial institutions. Bitcoin saw $0.5 million of investments withdrawn and Ethereum lost $5 million last week.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.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at