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XRP and Litecoin (LTC), two major cryptocurrencies, have seen a significant increase in inflows over the last week, amid a market boom that has favored digital assets, in particular Bitcoin.
According to CoinShares' most recent report, inflows into the cryptocurrency market continued for the fourth week in a row, with a total of $598 million coming in last week. Bitcoin received a bigger share of these inflows, totaling $570 million.
Digital asset investment products saw weekly inflows totalling US$598m, marking the fourth consecutive week of inflows. Year-to-date inflows have now surpassed the US$5.7bn mark. The US saw most of the inflows at US$610m, impacted by incumbent issuer Grayscale, which saw further…
— Wu Blockchain (@WuBlockchain) February 26, 2024
XRP and LTC attracted a combined $2.1 million in inflows, indicating growing investor interest and confidence in these coins.
XRP saw an inflow of $1.1 million, marking its second consecutive week of positive flows. XRP's price is down 1.10% in 24 hours to $0.533, according to CoinMarketCap data. The XRP price is down likewise, by nearly 5% in a week.
Amid the lull in XRP price, a positive development has emerged on the XRP weekly chart that might suggest potential bullish momentum, according to crypto analyst Ali. This would require a sustained weekly close above $0.57, which could be the catalyst for a push toward $0.63 or even higher, reaching $0.65.
Litecoin (LTC) experienced a $1.0 million inflow, marking the second consecutive week of positive flows. LTC's inflow boost comes amid the growing popularity and demand for Litecoin as a payment option, as well as its positive enhancements.
In a recent tweet, Litecoin shared a throwback to the MWEB protocol, stating: "Two years ago today, miners started the signaling process to adopt the most significant upgrade to Litecoin Core in history, MWEB."
Fast forward to now, and MWEB light client support is being merged into Litecoin Core and will be included in the next release of Litecoin Core very soon.