XRP Bucks the Trend with Massive Inflow Surge

XRP Bucks the Trend with Massive Inflow Surge

May 14 Tech Standard

The cryptocurrency market might be facing uncertainty, but XRP, the seventh-largest by market cap, is making a name for itself. A recent CoinShares report revealed a staggering 600% surge in inflows for XRP, totaling $0.6 million. This stands out compared to the previous week's zero inflows and the mixed performance of other altcoins, including Ethereum which saw significant outflows.

While Bitcoin recovered from a rough month with $144 million in inflows, the low involvement of U.S. regulators regarding Ethereum ETF applications seems to be dampening spirits. This resulted in over $14 million in outflows for Ethereum.

Market jitters and a wait-and-see approach

The broader cryptocurrency market is currently experiencing increased volatility and a decline in investor confidence. This week, three key economic releases could further rock the boat. Traders typically favor rising markets over stagnant ones, and the current ambiguity regarding the next direction is causing some to hold back. On-chain analytics firm Santiment even noted "fear and indecision" as Bitcoin's on-chain activity dips to historic lows. While this might indicate a slowdown in transactions, it doesn't necessarily translate to further price drops.

XRP's price seems stuck in a range after its peak of $0.57 on May 6th. A recently formed "death cross" adds to the uncertainty surrounding its price behavior. A break above the 50 and 200-day moving averages would be the first sign of strength for XRP. This could potentially lead to a new bullish trend targeting $0.642 and $0.662. However, if the broader market continues to sell off, XRP could fall to $0.46, where support is expected.


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