- XRP rallies nearly 2% following a $300K capital injection.
- Ongoing SEC appeal impacts trader sentiment and market dynamics.
- Recent token unlock generates increased interest and demand from investors.
XRP gained nearly 2% today, driven by a recent $300,000 capital boost into XRP-based funds. This uptick follows the token unlock on October 1, which has sparked significant interest among investors.
Trading above the key support level of $0.5200, traders are closely monitoring the ongoing SEC appeal against Ripple. These factors create an engaging atmosphere for those in the cryptocurrency market.
XRP Fund Flows Signal Growing Demand
According to the CoinShares Digital Asset Flows Report, XRP-based funds received a notable influx of capital. Last week, these funds attracted $300,000, indicating strong demand from institutional investors.
In comparison, leading assets like Bitcoin and Ethereum faced negative trends, with outflows of $159 million and $28.9 million, respectively. This shift highlights XRP’s emergence as a preferred choice among investors.
Traders remain focused on the SEC’s Vs. Ripple lawsuit, aiming to overturn a recent court ruling. That ruling included a significant $125 million fine for Ripple’s institutional sale of XRP tokens.
Another key factor affecting XRP’s price is the recent unlock of 1 billion tokens. This unlock is part of Ripple’s scheduled release plan, intended to maintain liquidity and support growth.
Technical Analysis: XRP’s Future Outlook
Looking at technical indicators, XRP might see further losses of about 7%. The price has been on a downward trend since July 2023, following a high of $0.9380. Analysts suggest XRP could target liquidity at $0.5026. This price level is a critical support, and a breach may lead to increased selling pressure.
If the daily candlestick closes above the 200-day Exponential Moving Average at $0.5548, the bearish outlook could change. In such a case, XRP might drop to $0.6000, a psychologically key price level after the October 2 high.
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