Reserve

United

James

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/xrp-price-increases-by-3-5-in-24-hours/" data-wpel-link="internal">XRP Price Increases by 3.5% in 24 Hours</a> 
XRP price increased by 3.5% in the last 24 hours, continuing the upward rally triggered by a broader recovery in the <a href="https://en.coin-turk.com/microsoft-plans-to-integrate-a-cryptocurrency-wallet-into-xbox/" data-wpel-link="internal">cryptocurrency market</a>. XRP’s gains today are part of a broader recovery that began on July 8, when asset management platform CoinShares reported that its crypto funds collectively witnessed an inflow of $441 million, despite the crypto market falling by 11.28% that week. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-ripple-front">What’s Happening on the Ripple Front?</h2> 
XRP-focused <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> funds experienced an inflow of $400,000 in the week ending July 5. Since the report was published on July 8, the XRP/USD pair has increased by approximately 10%. CoinShares researcher James Butterfill shared the following statements: 
<blockquote> 
 “Crypto asset investment products saw a total inflow of $441 million; recent price weaknesses likely seen as a buying opportunity caused by Mt. Gox and the German Government’s selling pressure.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369483 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/xrp-5.png" alt="" width="2710" height="1434"> 
Inflows into XRP and broader crypto market funds coincided with Wall Street’s increasing bets on a rate cut in September, influenced by weaker-than-expected job <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> announced on July 5. Interestingly, XRP’s spot market returns are around 16% from its lowest point on July 5. United States Federal Reserve Chairman Jerome Powell reiterated a similar dovish outlook in his testimony to Congress on July 10. 
<h2 class="p1" style="text-align: justify" id="xrp-chart-analysis">XRP Chart Analysis</h2> 
XRP’s gains today also coincide with a slight increase in the supply held by one of the wealthiest investor groups. Specifically, the XRP supply held by entities with balances of 100 million — 1 billion tokens (orange) increased in the last 24 hours, accompanied by a decrease in the supply held by those with 10 million — 100 million tokens (black). 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369482 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/xrp-veri-1.png" alt="" width="3840" height="1300"> 
Meanwhile, the supply held by addresses containing over 1 billion tokens (blue) remained stable. This indicates that assets in the lower subgroup are accumulating XRP to move into the upper group, signaling increased confidence and investment among larger market players. From a technical perspective, XRP’s gains today are part of an oversold bounce, a typical market reaction when an asset’s relative strength index (RSI) falls below 30. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369481 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/xrp-grafik.png" alt="" width="2710" height="1434"> 
Additionally, XRP price rose after testing the lower trend line of the current falling wedge pattern as support, similar to the April trend. If the fractal repeats, the next upward target for July appears to be around $0.45, a 5% increase from the current price level, near the upper trend line of the wedge. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/xrp-price-increases-by-3-5-in-24-hours/" data-wpel-link="internal">XRP Price Increases by 3.5% in 24 Hours</a></h5>

XRP Price Increases by 3.5% in 24 Hours

Table of Contents

COINTURK NEWS

Other articles published on Jul 10, 2024

BlockDAG Shatters Expectations: Mining Revolution Begins Two Months Early With X1 Miner App! Tron...

MoonBag Best Presale in July 2024 Offers a Safe Refuge Amidst TON’s Turbulence and Render’s Wild ...

Bollinger Recommends Cutting Crypto Losses

Bitcoin and Ethereum Declared Commodities: Landmark Court Ruling Reshapes Crypto Regulation

Qubetics Whitelist Brings Rewards for Early Investors Amid Disruptions for Ethereum and Filecoin

BANKSY is Attracting Attention Worldwide with the Report of Joining Solana

Join our free newsletter for daily crypto updates!