Reserve Dollar

when

Reserve

James

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/xrp-rises-3-5-in-24-hours" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP Rises 3.5% in 24 Hours</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/ripples-legal-struggle-in-the-us-key-case-updates-and-projections" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>‘s price saw a notable increase of 3.5% within the past 24 hours, continuing an upward trend spurred by a general recovery in the cryptocurrency market. This gain is part of a broader rebound that began on July 8, following a report by CoinShares on significant inflows into crypto funds. CoinShares highlighted an inflow of $441 million into crypto assets that week, even as the market suffered an 11.28% decline.</p>
<h2 id="what-s-driving-ripple-s-momentum">What’s Driving Ripple’s Momentum?</h2>
<p style="text-align: justify">XRP-focused investment funds reported an inflow of $400,000 for the week ending July 5. Since then, the XRP/USD pair has appreciated by about 10%. CoinShares analyst James Butterfill attributed the inflows to <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> viewing recent price weaknesses as buying opportunities, influenced by the selling pressures from Mt. Gox and the German Government.</p>
<p style="text-align: justify">Additionally, the broader crypto market and XRP saw inflows coinciding with Wall Street’s growing anticipation of a potential rate cut in September. This sentiment was prompted by weaker-than-expected job <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> released on July 5. XRP’s spot market returns have surged approximately 16% from its lowest point on that date, bolstered further by Federal Reserve Chairman Jerome Powell’s dovish remarks to Congress on July 10.</p>
<h2 id="xrp-supply-dynamics-and-technical-indicators">XRP Supply Dynamics and Technical Indicators</h2>
<p style="text-align: justify">XRP’s recent gains also align with an increase in supply held by wealthy investor groups, specifically entities holding between 100 million and 1 billion tokens. Conversely, there was a decrease in supply held by those with 10 million to 100 million tokens. The supply held by addresses with over 1 billion tokens remained stable, suggesting increased confidence and investment from larger holders. Technically, XRP’s rise is part of an oversold bounce, a common reaction when an asset’s relative strength index (RSI) drops below 30.</p>
<h2 id="key-insights">Key Insights</h2>
<ul>
 <li>Increased investment in XRP-focused funds highlights growing investor confidence.</li>
 <li>Wall Street’s anticipation of a rate cut in September is influencing market dynamics.</li>
 <li>Significant inflows into crypto assets despite broader market declines indicate buying opportunities.</li>
 <li>XRP’s technical indicators suggest a potential oversold bounce, leading to short-term gains.</li>
</ul>
<p style="text-align: justify">Additionally, XRP’s price climbed after testing the lower trend line of its current falling wedge pattern, similar to its performance in April. Should this pattern repeat, the next upward target for XRP in July is around $0.45, representing a 5% increase from its current price level near the wedge’s upper trend line.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/xrp-rises-3-5-in-24-hours" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP Rises 3.5% in 24 Hours</a></h5>

XRP Rises 3.5% in 24 Hours

Table of Contents

BH NEWS

Other articles published on Jul 10, 2024

Bitcoin Whales Accelerate Accumulation Rate since April 2023

How Low Will Bitcoin Go If Germany Sells All Its BTC?

Memecoin PeiPei emerges the top gainer among the leading 500

CFTC Chairman Declares BTC and ETH are NOT Securities!

Ripple News Today: Big Event on the Horizon Amid XRP Lawsuit Tension

Wirex Pay Reveals WPAY Tokenomics Ahead of Mainnet Launch and Node Sale

Join our free newsletter for daily crypto updates!