XRP volume rises 212% on Singapore exchange as institutional appetite grows
212% increase was seen in XRP spot purchase volumes, outpacing the sell side by over two times.
Singapore-based crypto exchange Bitrue stated it has recorded a surge in XRP activity even as broader institutional appetite for the cryptocurrency grows.
In a tweet, Bitrue said it recorded a 212% increase in XRP spot purchase volumes, outpacing the sell side by over 2x. The longtime XRP supporter indicated that it observed a sharp surge in XRP spot activity between Feb. 23 and 24, with retail purchase volumes rising 212% and outpacing sell orders by more than two to one.
The surge, Bitrue said, coincided with an accumulation of XRP that has been ongoing from institutional investors since the launch of XRP ETFs.
Since launching in mid-November, XRP exchange-traded funds have posted positive weekly inflows with only limited outflow days. XRP has attracted a net total of $1.1 billion in assets while recording positive total inflows weekly and negative outflows for only five days.
Bitcoin ETFs back in demand with $506 million single-day inflow
Bitcoin ETFs have recovered from the low capital intake seen every day over the past weeks as institutions appear to be regaining interest following the ongoing price rebound.
The broad crypto market is regaining momentum, and the positive trend has extended to the U.S. spot Bitcoin ETF, with major Bitcoin funds seeing fresh growth. On Wednesday, Feb. 25, data from SosoValue shows that the Bitcoin ETF recorded a strong resurgence in demand, as it has posted $506.51 million in daily net inflows over the last trading session.
The massive inflow has come after multiple weeks of little-to-no demand from investors due to prolonged volatility. Nonetheless, this rapid resurgence suggests that institutional appetite has been boosted alongside Bitcoin’s latest rally to $69,150.
While it has maintained its position as a key player in the Bitcoin ETF sector, BlackRock has achieved the highest inflow among the pack, accounting for over 58% of the total inflow recorded on the same day.
Dogecoin reclaims $0.10 as price jumps 8% in 24 hours
DOGE is on track to end the week on a positive note for the second time this year.
Dogecoin, the king of meme coins, rebounded from a low of $0.09335 to surge past the $0.10 resistance level. The meme coin soared to an intraday peak of $0.1057 as both price and volume flipped green once more after days of market uncertainty.
As per CoinMarketCap data, Dogecoin jumped by over 7%, outperforming Bitcoin (BTC), to which it maintains a correlation. Notably, Bitcoin also recorded gains, but the leading cryptocurrency only managed a 4.35% uptick within the same period.
Dogecoin’s upsurge is largely driven by capital rotation into the meme coin sector as investors embarked on a buyback of assets previously dumped. This short squeeze triggered an uptick in value for DOGE. If investors double down on their interest, this might sustain the upward rally for Dogecoin.
However, the meme coin needs to hold above the $0.095 support and maintain stability over the $0.1023 retracement level for the current gain to make an impact.
Dan Burgin
Vladislav Sopov
