u.today
In the optimistic vibe that has dominated the cryptocurrency scene, $XRP has emerged as a notable beneficiary, attracting a staggering $2.5 million amid a wave of massive inflows into the crypto market.
The cryptocurrency market has recently seen a rise in inflows, with investors flocking to various digital currencies seeking opportunities for profits and diversification.
According to the most current CoinShares report, digital asset investment products experienced the second-highest weekly inflows on record, totaling $1.84 billion.
Massive Bitcoin inflows continue with a further US$1.8bn, US ETFs dominatinghttps://t.co/qCLgZM2RYb
— James Butterfill (@jbutterfill) March 4, 2024
Trading volumes in investment products reached a new high of more than $30 billion for the week; 94% of the inflows went into Bitcoin, totaling $1.72 billion. Ethereum saw weekly inflows of $85 million.
Despite Bitcoin receiving the majority of inflows, $XRP has managed to stand out among other cryptocurrencies, some of which have seen outflows in the last week, indicating its appeal to a diverse range of investors. Solana, for instance, saw $12 million in outflows. Meanwhile, Binance, Litecoin, Cardano and Chainlink had lesser inflows than $XRP, with $0.4 million, $1.2 million, $0.3 million and $1.6 million, respectively.
While $XRP's price performance has often been subject to scrutiny, these recent inflows underscore a growing sentiment of optimism surrounding the digital asset.
$XRP price action
$XRP edged higher after breaking above its daily moving averages on Feb. 27. $XRP's advance since this date has been punctuated by minor setbacks, but the bulls have been able to gain the upper hand.
In a major feat, bulls were able to break over the late December 2023 resistance high of $0.658 and achieve highs of $0.665 during today's trading session.
However, the price has been unable to sustain above this level, with $XRP falling slightly to $0.654 at press time, despite being up 4.37% in the last 24 hours. $XRP has risen 23% in the last seven days.
On the upside, if the $0.654 level is broken, $XRP will meet the next resistance at $0.70. If this is achieved, $XRP may attempt a surge to $0.74. The intermediate downside support is at $0.588, followed by $0.562.