- CoinShares reports a surge in digital asset investments, with XRP and Litecoin receiving notable inflows last week.
- XRP faces key resistance levels; maintaining above $0.60 support could lead to testing higher resistances in upcoming weeks.
The trading volume of XRP has experienced a 75% increase, reflecting a notable uptick in market activity. This growth is part of a wider resurgence in positive sentiment across the cryptocurrency market, leading to renewed investor interest.
According to data from CoinMarketCap, XRP, ranked as the sixth-largest digital asset, has seen its 24-hour trading volume rise by 87.90% to $1.56 billion.
This surge in trading activity occurs as the broader cryptocurrency market gains momentum, with major cryptocurrencies like Bitcoin reaching new price levels. Bitcoin, for instance, achieved an intraday high of $72,624, its highest since April 1.
#XRP's volume jumps 75% to $1.56B as bullish sentiment reignites! 📈
Alongside #Bitcoin's surge to $72,624, this signals renewed investor confidence. Plus, the first XRP-Ledger AMM fix went live hours ago! 🚀 pic.twitter.com/mnS6Cnp3sh
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 9, 2024
Since April 5, when XRP’s price was at $0.569, the cryptocurrency has been on an upward trend for three days. Currently, the price of XRP is $0.617, after achieving intraday highs of $0.611.
Market analysts are watching for a potential move above the daily MA 50 at $0.609, which could signal the beginning of a new rally, targeting prices of $0.645 and $0.662.
Investment products related to digital assets have also witnessed a surge in bullish sentiment, as reported by CoinShares. Last week, inflows amounted to $646 million, with year-to-date inflows reaching a record $13.8 billion, surpassing the $10.6 billion recorded in 2021.Â
Bitcoin saw the most big inflows, with XRP and Litecoin also receiving investments. However, there has been a noted decrease in ETF investor appetite compared to early March, with last week’s trading volumes decreasing to $17.4 billion from $43 billion in the first week of March.
More about: XRP’s Ripple Effect: Breaking Through Consolidation After Bitcoin Halving
Regarding XRP’s future price movements, recently showed a neutral trend with a 2% increase over the past 24 hours, despite a year-to-date performance of -1.96%. Following a period of neutrality, XRP experienced a 20.44% price increase within hours but faced resistance at $0.7310, leading to a correction and a test of lower support levels.
If XRP’s market price remains above the $0.60 support level, it may test the $0.63 resistance level this week. Successfully maintaining this level could lead to attempts to reach higher resistance levels in the upcoming weeks.
Conversely, a reversal in trend could see XRP testing the $0.60 support level, potentially dropping to $0.58 if bearish trends prevail.
