XRP News Today: XRP Surges Past $3 on $31.3M Inflow Outpacing Bitcoin's $404M Outflow

XRP experienced a notable price rebound, surpassing the $3 level amid $31.3 million in inflows reported by CoinShares for the week ending August 4 [1]. This surge outpaced Bitcoin, which saw a $404 million outflow for the second consecutive week, marking the first net outflow for crypto funds in 15 weeks [1]. The inflows into XRP were attributed to institutional demand, with year-to-date inflows now reaching $753 million [1].

The price recovery was supported by XRP bouncing from the Fibonacci golden zone, a technical indicator suggesting a strong reversal point [1]. Analysts such as Egrag Crypto highlighted that a close above $3.12 could signal the end of bearish momentum, with short-term targets set at $3.03, $3.13, and $3.30 [1]. However, trading volume declined by 25% in the past 24 hours, raising questions about the sustainability of the upward move [1].

Despite the positive price action, the broader crypto market faced volatility due to hawkish signals from the US Federal Reserve and strong economic data. While XRP gained traction, other altcoins like Solana and Ethereum saw mixed performances. Ethereum recorded $133 million in inflows, extending its streak of 15 consecutive weeks of inflows, whereas Solana’s inflows dropped sharply from $311.5 million in the previous week [1].

The market also remains under the watchful eye of the upcoming Ripple vs. SEC legal case, expected to update by August 15, which could influence investor sentiment further [1]. Meanwhile, expectations for a spot XRP ETF continue to fuel bullish optimism among investors [1].

However, caution is warranted. According to analyst Ali Martinez, a breakdown below $2.48 could trigger significant investor concern, with $2.80 serving as a temporary support level [1]. The MVRV ratio also suggests a potential “death cross” formation, indicating the need for close monitoring if bearish sentiment intensifies [1].

While the inflows and technical signals present a positive outlook for XRP in the short term, the broader macroeconomic environment and regulatory developments remain key factors that could shift market dynamics.

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[1] Title: XRP Price Hits $3 as Ripple Outpaces BTC with $31M Inflow, What to Expect?

URL: https://coinmarketcap.com/community/articles/6890db4e0123344c94ed51cb/