Key Insights
- XRP has seen massive inflows for the third consecutive week, totaling about 1.1 million dollars.
- Over the last 24 hours, the price of XRP/USD varied between $0.4272 and $0.4794, indicating a 6.21% drop in price.
- The cryptocurrency has been in a symmetric triangle since mid-September.
Over the last few weeks, Ripple investors are now gaining confidence about the former’s ability to beat the US Securities and Exchange Commission in the ongoing court case that has dragged on for two years.
Ripple’s native cryptocurrency, XRP, has seen massive inflows for the third consecutive week, totaling about 1.1 million dollars. This alone is enough to imply that the confidence of Ripple’s investors is starting to grow, even as the case between the SEC and Ripple looks increasingly delicate.
Bolstered Investor Confidence
According to Investment data published by James Butterfill, the head of research at CoinShares, the recent developments in the ongoing court case between Ripple and the SEC appears to be giving investors confidence in Ripple’s ability to win.
According to research published by Butterfill, for the third week in a row, short-Bitcoin investment products had outflows totaling $7.1 million, bringing the overall outflows to $28 million (22% of the total assets under management (AuM); Ethereum experienced minor inflows totaling $2.7M after four weeks of outflows.
XRP, on the other hand, experienced inflows for the third week in a row, totaling $1.1m. Butterfill’s report suggests growing investor confidence as the SEC lawsuit against Ripple becomes increasingly precarious.
This is especially obvious because, over the past few weeks, major players in the cryptocurrency sector, such as Coinbase and the Blockchain Association (among others), have come out with massive support for Ripple.
In a tweet, Stuart Alderoty, the general counsel for Ripple, stated that a dozen independent voices have joined in supporting Ripple, including several businesses, developers, exchanges, trade associations, and retail holders.
Along with the XRP “decentralized community,” other organizations supporting Ripple include the non-profit Investor Choice Advocates Network, the Crypto Council for Innovation, and the mobile cryptocurrency app SpendTheBits.
Overall, the crypto lawyer, John Deaton, appears optimistic about Ripple’s chances of winning the ongoing case.
Ripple (XRP) Price Analysis
The market is in the red overall, with falls among the market leaders, according to the weekly price analysis for today.
BTC dropped to about $19,734 from a recent high of $20,444, and Ethereum fell to its support level of $1,490.42 from a high of $1587 from a weekly perspective.
XRP still struggles and has dropped to $0.4391 after briefly reaching $0.5062 last week.
From a daily perspective, Ripple reveals that the bears have taken charge and can drive the prices much lower.
Over the last 24 hours, the price of XRP/USD varied between $0.4272 and $0.4794, indicating a 6.21% drop in price. The bearish trend has significantly harmed the cryptocurrency’s value as it declines from the intraday high of $0.4924.
Ripple has been in a symmetric triangle since mid-September. The bears have won against the bulls over the last day and have broken the triangle to the bottom, causing a 6.2% dip in XRP over the last 24 hours.
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