XRP price increased by 3.5% in the last 24 hours, continuing the upward rally triggered by a broader recovery in the cryptocurrency market. XRP’s gains today are part of a broader recovery that began on July 8, when asset management platform CoinShares reported that its crypto funds collectively witnessed an inflow of $441 million, despite the crypto market falling by 11.28% that week.
What’s Happening on the Ripple Front?
XRP-focused investment funds experienced an inflow of $400,000 in the week ending July 5. Since the report was published on July 8, the XRP/USD pair has increased by approximately 10%. CoinShares researcher James Butterfill shared the following statements:
“Crypto asset investment products saw a total inflow of $441 million; recent price weaknesses likely seen as a buying opportunity caused by Mt. Gox and the German Government’s selling pressure.”
Inflows into XRP and broader crypto market funds coincided with Wall Street’s increasing bets on a rate cut in September, influenced by weaker-than-expected job data announced on July 5. Interestingly, XRP’s spot market returns are around 16% from its lowest point on July 5. United States Federal Reserve Chairman Jerome Powell reiterated a similar dovish outlook in his testimony to Congress on July 10.
XRP Chart Analysis
XRP’s gains today also coincide with a slight increase in the supply held by one of the wealthiest investor groups. Specifically, the XRP supply held by entities with balances of 100 million — 1 billion tokens (orange) increased in the last 24 hours, accompanied by a decrease in the supply held by those with 10 million — 100 million tokens (black).
Meanwhile, the supply held by addresses containing over 1 billion tokens (blue) remained stable. This indicates that assets in the lower subgroup are accumulating XRP to move into the upper group, signaling increased confidence and investment among larger market players. From a technical perspective, XRP’s gains today are part of an oversold bounce, a typical market reaction when an asset’s relative strength index (RSI) falls below 30.
Additionally, XRP price rose after testing the lower trend line of the current falling wedge pattern as support, similar to the April trend. If the fractal repeats, the next upward target for July appears to be around $0.45, a 5% increase from the current price level, near the upper trend line of the wedge.
