Litecoin

Bitcoin

Million

Chainlink

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to the most recent CoinShares report, <a href="https://u.today/xrp-surges-103-in-volume-as-market-faces-410-million-sell-off" rel="noopener noreferrer nofollow">XRP</a>, the seventh-largest cryptocurrency by market cap, attracted inflows of $1.2 million in the past week. This surge stands in contrast to the subdued activity observed across the broader altcoin market.
Per the recently released CoinShares report, digital asset investment received $2 billion in inflows, increasing the total for the last five weeks to $4.3 billion.
Bitcoin was once again the dominant focus, with $1.97 billion inflows, while altcoins, except Ethereum, experienced just a little activity. Ethereum saw its greatest week of inflows since March, totaling $69 million, drawing from spot-based ETFs optimism.
According to the CoinShares <a href="https://blog.coinshares.com/volume-186-digital-asset-fund-flows-weekly-report-dc1d43e0e207" rel="noopener noreferrer nofollow">report</a>, XRP, alongside Fantom, stood out, with inflows of $1.2 million and $1.4 million, respectively.
While XRP basks in the spotlight, other altcoins have seen only minor inflows. Solana, Litecoin and Chainlink experienced inflows of $0.7 million, while Binance received only $0.2 million.
XRP is showing a weekly pattern of increasing inflows; in the week before last, XRP received $0.8 million, up from $0.4 million the week earlier.
The reasons for the XRP inflow rise could be a variety of factors, including a shift in investor interest, although the actual explanation is unknown.
<h2 id="xrp-price-action">XRP price action</h2>
At the time of writing, XRP was up 0.37% in the last 24 hours to $0.496. XRP has been trading in a tight range since Friday's sharp plunge to lows of $0.454.
XRP has returned to trade below its daily SMA 50 at $0.522, increasing the likelihood of consolidation or range trading in the short term.
The first sign of strength would be a break over the daily SMA 50 ($0.522). In this situation, if the XRP price breaks and closes above $0.54, it could indicate that bulls are attempting to make a comeback. XRP could reach the overhead barrier of $0.57.
On the contrary, if the price falls below the current range support line at $0.48, XRP may retest the $0.46 level.

XRP Attracts $1.2 Million Inflow Amid Altcoin Market Doldrums

Table of Contents

U_Today

Other articles published on Jun 10, 2024

Why is BNB price down today?

Apple and OpenAI Make a New Agreement

Affin Bank Debuts Malaysia’s First Managed Digital Asset Fund

Experts Predict MoonBag To Be The Top Crypto Presale In 2024 Leaving Dogeverse and Blastup Way Be...

XRP Whale Shifts Over 30M Coins As Price Dips Below $0.5, What’s Next?

Elon Musk Makes Crypto Reference Ahead of Livestream With Donald Trump

Join our free newsletter for daily crypto updates!