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- XRP-tied investment funds are reported to have recorded an inflow of $400,000 in the week ending July 5 despite the broad market selling pressure triggered by Mt. Gox’s repayment process.
- The XR price has also recorded a 3% surge in the last 24 hours, trading at $0.43 as whales aggressively accumulate the dip.
The defunct crypto exchange Mt. Gox begins the long-awaited repayment process as Japanese trustee Nobuaki Kobayashi seeks to facilitate the adequate distribution of 142,000 Bitcoin, currently worth around $9 billion.
As we earlier reported, fears are already creeping into the crypto market as investors exit their positions to avoid any liquidation. Contrary to that expectation, XRP holds its position strongly as it manages to regain a portion of its lost value amid the current broad market volatility.
According to our data, the asset has recorded a surge of 3% in the last 24 hours, cutting down its weekly loss to 9% and monthly loss to 11%. At press time, XRP was trading at $0.43.
XRP-Tied Investment Outshines Ethereum
Parallel to the price action, XRP-tied investment funds collectively had incredible inflows as they attracted about $400,000 toward their reserves in the week ending July 5. According to CoinShares data, this brings their total Year-To-Date inflows to $18 million. To appreciate this better, CoinShares disclosed that Ethereum, which had a weekly inflow of $10 million, however, lost $15 million in inflows from year to date.
Collectively, the crypto-related investment products defied all odds to record an inflow of $441 million in the week under review.
In explaining the growing numbers in the capital despite the broad market selling pressure triggered by the Mt. Gox and the German government liquidation decision, CoinShares researcher James Butterfill stated that institutions are relentlessly buying the dip.
XRP’s strength in maintaining substantial inflows also underscores its resilience amid the face of the ongoing court case between SEC vs Ripple.
Butterfill’s assessment is evident in recent reports that a whale has transferred a whopping 29.7 million XRP ($12.7 million) from Binance to an unknown wallet. In a separate activity, another whale was also reported by Whale Alert to have moved $16.06 million worth of XRP to Bitstamp as analysts anticipate a post-lawsuit surge in the XRP price. Pro-XRP lawyer Bill Morgan is also reported to have taken advantage of the recent dip to acquire additional XRP at just above $0.40. According to reports, Morgan plans on buying more at $0.375.
XRP Price Analysis
Currently, the XRP price is reported to exist below its ascending trendline which has been a reliable support since 2017. Regardless, analysts insist that further confirmation is needed to flag this as a full-fledged breakdown. Previously, XRP showed a similar move, breaking below the ascending trendline support just to bounce back some weeks later.
According to other analysts, the asset could move towards the descending triangle resistance in the future, and eventually breach the $0.6 mark by August. This also coincides with a recent publication by CNF, reporting on analyst Dark Defender’s prediction that XRP could target $1.88, $5.85, and $18.22.
