The price of XRP has dropped by 1% in the last 24 hours to $0.5444, while the cryptocurrency market as a whole has experienced a similar development today.
The market rebounded strongly yesterday after a tough period last week. XRP has risen by 3.5% over the past week, although it has fallen by 7% over the last 30 days.
However, there was a noticeable increase in institutional purchases of XRP over the past week. The latest report from CoinShares on digital asset fund flows shows that cryptocurrency funds bought a total of $1.1 million worth of XRP.
This marks a 266% increase compared to the previous week and is the highest level in over a month, indicating that larger investors are taking advantage of XRP’s low price.
XRP price prediction
James Butterfill of CoinShares noted yesterday that the recent shift in voter sentiment in favor of Republicans has likely led to greater enthusiasm for cryptocurrencies.
This has impacted the market overall, but since XRP’s position is more sensitive to the current government (due to Ripple’s ongoing legal issues), there has been a notable shift in net accumulation over the past week.
Interestingly, XRP recorded net inflows at a time when institutions were selling around $10 million worth of Ethereum (ETH).
XRP is indeed the most popular cryptocurrency this week (of course, after Bitcoin), which further suggests that whales are taking advantage of the coin’s undervalued position.
This is also a sign that the perception of Ripple’s situation with the SEC has shifted. A few weeks ago, Ripple filed an appeal against an important part of Judge Analisa Torres’ July 2023 decision.
This appeal had a significant negative impact on XRP’s price, but as legal experts consider Ripple’s chances favorable, and Ripple itself filed a counter-appeal last week, the sentiment seems to have changed.
This is reflected in today’s XRP chart, where the price has slightly pulled back in the last hour after a strong 24-hour performance.
A particularly promising aspect of XRP’s chart is that the 30-period moving average (orange) crossed above the 200-period moving average (blue) yesterday, a sign that we could be in for a few days of solid gains.
We also see that XRP’s volume has risen to $1.2 billion, another indication that demand for the coin is currently relatively high.
As a result, XRP’s price could reach $0.6 next month, before finishing the year at $0.8.
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