Published on juli 11, 2024, 12:26 am
Image source: Fox News
```json [ { "TLDR": "Institutional inflows and growing whale holdings are driving XRP's surge, supported by the broader crypto market recovery. XRP price increased by 3.5% in 24 hours due to institutional accumulation during market dip. Market rebound since July 8 led by institutional investments post Mt. Gox dip. XRP rose nearly 10% after significant inflows into crypto funds and optimistic sentiment from Wall Street rate cut bets and Jerome Powell's stance. Technical indicators suggest an oversold bounce pattern contributing to XRP's rise targeting around $0.45 next if historical trends repeat." } ] ```
Institutional inflows are the main driving force behind XRP’s surge today, in line with the overall boost observed across the cryptocurrency market. This increase is further supported by growing whale holdings, reinforcing a positive outlook for XRP.
XRP has seen a 3.5% price increase over the last 24 hours, marking a continued upward trend sparked by the broader crypto market’s recovery. Reports indicate that institutions have been accumulating XRP during the recent market dip associated with Mt. Gox, amplifying the bullish momentum.
This surge is part of a broader market rebound that commenced on July 8 when CoinShares reported significant inflows of $441 million into crypto funds following an 11.28% crash in the crypto market. Specifically focused on XRP, investment funds attracted $400,000 by July 5. Subsequently, since the publication of this report, the XRP/USD pair has surged nearly 10%.
James Butterfill from CoinShares highlighted that inflows into XRP and other crypto funds align with increasing bets on a rate cut by Wall Street in September due to disappointing jobs data released on July 5. Moreover, Federal Reserve Chairman Jerome Powell’s dovish stance during his testimony on July 10 added to this optimistic sentiment.
Furthermore, today’s gains for XRP coincide with an uptick in supply held by larger investors within specific token balance cohorts – particularly those holding between 100 million to 1 billion tokens – while seeing a decrease in holdings from the 10 million to 100 million cohort.
Technically speaking, today’s rise in XRP can be attributed to an oversold bounce pattern typically seen when an asset’s relative strength index (RSI) drops below 30.
Additionally, after testing its lower trendline as support, reminiscent of its April pattern, XRP’s price has rebounded and might target around $0.45 next if historical trends repeat themselves.
To reiterate: no investment advice or recommendations are implied here; all trading activities involve risks that readers must thoroughly research before making any decisions related to investments in cryptocurrencies.
Original article posted by Fox News
