Altcoin
XRP Records $145 Million Inflow, Ripple’s Coin Price to Hit $3?
XRP News: Digital asset investment products continue to record massive inflows, with $3.2 billion in inflows last week. This was the 10th consecutive inflows amid massive interest from institutional and retail investors. Notably, XRP also saw record buying of $145.8 million, an increase from $134.3 million in the previous week amid XRP price rally.
XRP News: Institutions Buy $145 Million XRP Coin
CoinShares research report on December 16 revealed that digital asset investment products saw $3.2 billion in net inflow last week. Also, the inflows this year have surpassed $44.5 billion. Bitcoin and Ethereum recorded $2 billion and $1 billion in inflows last week.
Surprisingly, XRP continues to witness high inflows amid institutional demand. The odds for XRP ETF launch in the U.S. have increased significantly due to Donald Trump’s crypto-friendly administration and SEC Chair Gary’s resignation. Bitwise, 21Shares, Canary Capital and WisdomTree have filed applications, seeking approval from the U.S. SEC.
In addition, the crypto community is positive about the end of Ripple vs SEC lawsuit after Gensler’s exit. The government agency will file its principal brief by January 15. Some believe Gensler can bring issues for Ripple similar to Binance recently. Ripple CLO Stuart Alderoty slammed Gensler for using the same failed arguments in Binance lawsuit.
Rise in Demand For Bitcoin, Ethereum, and XRP
Bitcoin and Ethereum investment products continue to see rising demand as prices rally. BTC price hit a new all-time high of nearly $106,500 today. Ethereum price also broke above $4000 level momentarily, before sliding to the $3900 level.
Other countries such as Switzerland, Germany, Canada and Australia are also witnessing a rise in inflows. As per the report, “Blockchain equities saw inflows of US$124m, the largest since January this year, driven by growing investor confidence in improving Bitcoin miner margins.”
Analysts Predicts XRP Price to $3
Popular analysts are bullish on XRP price easily breaking above the $3 mark amid recent news including upcoming RLUSD stablecoin launch by Ripple.
Popular analyst CrediBULL Crypto said “Structure on XRP here looks so freaking clean and bullish, it’s actually insane.” He predicts XRP price will easily trade above $5 in 2025. He suggests traders to avoid looking at lower timeframes, “big picture is incredibly and unequivocally bullish.”
Crypto Tony in an Elliot Wave analysis of XRP price revealed that it has rebounded from $2.91. In the weekly timeframe, the graph showed bull pressure developing again towards $3.
Meanwhile, Whale Alert reported that a whale has moved 800 million worth $1.92 billion from Binance to an unknown wallet. This confirms whales are massively bullish on Ripple’s native coin.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 800,000,000 #XRP (1,927,321,529 USD) transferred from #Binance to unknown wallethttps://t.co/fOCWqJhcru
— Whale Alert (@whale_alert) December 16, 2024
XRP price fell 2% in the past 24 hours, with the price currently trading at $2.36. The 24-hour low and high are $2.34 and $2.47, respectively. However, the trading volume has increased by 13% in the last 24 hours, indicating a rise in interest among traders.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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