Ripple’s week started off positively, with XRP surging above the crucial $0.50 level and asset inflows surging by a staggering 600%. This is because the last one represents a result for the asset. It had been experiencing outflows of assets over the past five weeks. CoinShares report.
As a result of four consecutive weeks with total outflows, the digital asset market has become teeming with uncertainty. Ripple, however, was among the largest winners from the recent reversal, which saw Bitcoin inflow $144 millions. The asset appears to have ended its recent decline. In particular, XRP fell by more than 6 percent over the past 7 days. CoinMarketCap.
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The Ripple XRP reverses trend as it breaks $0.50
Ripple’s (XRP) upward momentum was scarce throughout most of the year. The asset itself has been struggling to find a foothold to drive its price upward. Recent performance shows some optimism. In particular, it has reversed an existing trend.
The price of Ripple has now risen above $0.50, and its inflows are up 600%. This reverses the five-week trend of outflows that Ripple (XRP) has been experiencing. XRP’s gains have been synchronized with a reversal of the market.
Ripple has performed significantly better than other altcoins, such as Ethereum. ETH, in particular, saw a significant drop, contrary to XRP’s incredible spike. XRP still has a way to go before it can regain the confidence that investors showed in the currency at the beginning of this year.
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In May, the asset hit a record high of $0.57. It has since failed to return to that price. The token, on the other hand, has only increased 2.7% in the last thirty days.
Investors are also concerned that a death-cross could form on an asset’s chart. This would first be indicated by the value of XRP breaking through the moving averages 50 and 200.
The asset is essentially developing two different price bands. The token could reach $0.66, or $642 in the event of a bullish move. Continuing to sell the token would push it below its current price of $0.46. XRP’s trading volume has increased by over 9% in the past 24 hours.
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Source: watcher.guru