 ▲ Ripple (XRP) ©Coin Leaders |
Ripple's XRP, the 7th largest cryptocurrency by market capitalization, is still trading in the $0.47 range on July 2 (Korean time).
XRP has not been able to break out of the $0.47 level for over a week.
As of 9:42 am on this day, the popular cryptocurrency XRP is trading at $0.4767, up 0.14% from 24 hours ago, based on CoinMarketCap. This is a drop of approximately 87.59% from the all-time high of $3.84 achieved on January 4, 2018.
Trading volume, which decreased over the weekend, increased by 72.45% and currently stands at $809,010,837.
CryptoPotato, a cryptocurrency media outlet, said, “The price of He analyzed, “Conversely, if this important support line is suddenly broken downward, significant long liquidation may occur, leading to a sharp decline in the short term.”
Meanwhile, according to recent reports, investment inflows into XRP investment products are rapidly increasing.
According to data from cryptocurrency asset management company CoinShares, more than $300,000 in inflows occurred last week alone, bringing the total to $3.2 million since early June and $18 million since the beginning of the year.
XRP-related investment products are ranked at the top along with Solana (SOL), Litecoin (LTC), and Chainlink (LINK), and XRP is outperforming the altcoin market.
Cryptocurrency specialized media U Today said, “Inflow into XRP investment products has been increasing continuously for several weeks, reflecting the positive attitude of investors in traditional financial markets. This trend may serve as a factor that increases the possibility of launching an XRP ETF. “ETFs can increase investment appeal by increasing access to XRP, and while regulatory issues and market conditions are key, increased interest in XRP through ETPs suggests demand for ETFs.”
In this regard, Ripple's President Monica Long said in a recent interview that the launch of the XRP ETF makes sense and that there is great support and momentum from the community.
Additionally, Ripple Labs CEO Brad Garlinghouse said that the launch of the spot Ethereum (ETH) ETF paved the way for ETFs for other assets, especially XRP. He said he was optimistic about the launch.
