XRP accumulation intensifies in the first week of the year
Investors Hope Ripple Wins Against SEC
XRP Gains Consistency Above $0.31, Price Could Jump From Here
if you were following ripple (XRP/USD), you already know that the case with the SEC remains important. An investor is pricing his XRP depending on the direction of the case. But according to CoinShares’ latest report, institutional investors are betting big on his Ripple win.
According to CoinShares, the first week of 2023 saw $3 million in inflows into XRP. Investors, meanwhile, dumped $6.5 million and $3 million from Bitcoin and Ethereum, respectively. This could be positive news as it shows how much trust the market has built up on XRP. According to CoinShares, the influx reflects increased clarity in Ripple’s case with the SEC. However, despite this positive development, XRP-related investment products recorded $9.7 million worth of outflows.
From a fundamental perspective, it can be argued that XRP is still a double-edged sword as the case drags on. Cash inflows are a plus. The technical outlook also supports potential XRP accumulation around $0.31.
XRP Gains Stability Above Support At $0.31
The price outlook shows that XRP is on the rise after settling above $0.31. Momentum improved but remains weak. The MACD indicator has not crossed the neutral zone yet.
However, the volume indicator is a little irritating. A surge in buy-side volume suggests that buying of XRP above $0.31 is underway. The previous bullish pinbar acts as a buffer against XRP’s bearish pressure.
Will XRP Be Bullish?
If the price remains stable at current levels, XRP could turn bullish. It is likely that the rally will continue in the short and medium term to the $0.4 resistance. Due to ongoing litigation with the SEC, XRP price maintain recovery.
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