Despite Mt. Gox Scare, XRP Sees Strong Institutional Interest
  • Despite the market-wide selling pressure caused by the Mt. Gox repayment process, XRP-related investment funds reportedly recorded inflows of $400,000 in the week ending July 5.
  • XR price has also risen 3% in the past 24 hours and is trading at $0.43 as whales are actively buying up the dip.

Closed cryptocurrency exchange Mt. Gox has begun the long-awaited repayment process as its Japanese trustee, Nobuaki Kobayashi, aims to facilitate the proper distribution of 142,000 bitcoins, currently worth around $9 billion.

As I mentioned earlier reportUncertainty has already begun to spread in the cryptocurrency market as investors liquidate their positions to avoid liquidations. Contrary to expectations, XRP has managed to regain some of its lost value and is holding its own amid the current broad market volatility.

According to our data, this asset is 3% In the last 24 hours, the week’s loss was 9% Monthly Loss 11%. At the time of writing, XRP was trading at $0.43.

XRP-related investments surpass Ethereum

In tandem with the price movement, XRP-related investment funds added roughly $400,000 to their reserves in the week ending July 5, recording staggering inflows overall. CoinShares DataThis brings the total inflows year-to-date to $18 million. To put this in perspective better, CoinShares revealed that Ethereum, which was seeing $10 million in weekly inflows, has lost $15 million in inflows year-to-date.

Overall, cryptocurrency-related investment products overcame all odds to record inflows of $441 million during the week under review.

Ripple

Explaining the rise in bitcoin holdings in the capital despite the market-wide selling pressure caused by Mt. Gox and the German government’s liquidation decision, CoinShares researcher James Butterfill said institutional investors are relentlessly buying on the dips.

XRP’s strength in maintaining substantial inflows highlights its resilience amid the ongoing litigation between SEC and Ripple.

Butterfill’s valuation is also evident in recent reports that one whale transferred a whopping 29.7 million XRP ($12.7 million) from Binance to an unknown wallet. In a separate move, Whale Alert also reported that another whale transferred $16.06 million worth of XRP to Bitstamp, leading analysts to expect a spike in XRP prices following the lawsuit. Pro-XRP lawyer Bill Morgan also reportedly took advantage of the recent drop to acquire additional XRP at a price just above $0.40. Morgan reportedly plans to buy more at $0.375.

XRP Price Analysis

Currently, XRP price is reported to be below the ascending trendline, which has been a reliable support since 2017. In any case, analysts claim that further confirmation is needed before calling this a full-blown breakdown. Previously, XRP made a similar move, dropping below the ascending trendline support but rebounding a few weeks later.

According to other analysts, the asset could now move towards the resistance of the descending triangle and eventually break out of the $0.6 level by August. Publication CNF reports that analyst Dark Defender has predicted that XRP could target $1.88, $5.85, and $18.22.


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