XRP Rises 3.5% in 24 Hours

XRP has experienced a 3.5% price increase in the last 24 hours. This rise is attributed to increased investment in XRP-focused funds and positive technical indicators.

Points

• XRP price increased by 3.5% in the last 24 hours.
• Increased investment in XRP-focused funds.
• Wall Street anticipates rate cut in September.
• Significant inflows into crypto assets despite broader market declines.
• Technical indicators suggest a potential oversold bounce.

XRP has experienced a 3.5% price increase in the last 24 hours. This rise is attributed to increased investment in XRP-focused funds and positive technical indicators.

What’s Driving Ripple’s Momentum?

Recent gains in XRP align with an increase in supply held by wealthy investor groups, specifically entities holding between 100 million and 1 billion tokens. Conversely, there was a decrease in supply held by those with 10 million to 100 million tokens. The supply held by addresses with over 1 billion tokens remained stable, suggesting increased confidence and investment from larger holders. Technically, XRP’s rise is part of an oversold bounce, a common reaction when an asset’s relative strength index （RSI） drops below 30.

Key Insights

• Increased investment in XRP-focused funds highlights growing investor confidence.
• Wall Street’s anticipation of a rate cut in September is influencing market dynamics.
• Significant inflows into crypto assets despite broader market declines indicate buying opportunities.
• XRP’s technical indicators suggest a potential oversold bounce, leading to short-term gains.

Additionally, XRP’s price climbed after testing the lower trend line of its current falling wedge pattern, similar to its performance in April. Should this pattern repeat, the next upward target for XRP in July is around $0.45, representing a 5% increase from its current price level near the wedge’s upper trend line.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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