In the latest Coinshares Digital Asset Fund Flows Weekly Report, the spotlight is on XRP as it continues its impressive run with $0.5 million inflows. This marks an extraordinary 16-week period of continuous positive investment. The heightened attention has driven XRP’s assets under management (AuM) to surge by an astounding 127% since the beginning of the year.
The broader digital asset market also experienced a positive shift, as investment products welcomed a total of $29 million in inflows this week. This uptick in sentiment comes on the heels of the recent release of US inflation data, which was pleasantly surprised by falling slightly below projected figures. This unexpected twist is now pointing to a potential delay in the anticipated September rate hike, further fueling optimism in the crypto market.
The ripple effect of these developments was particularly felt in Canada, which emerged as a frontrunner with inflows of $24 million. While the year-to-date performance still lags behind other nations, this influx of capital marks a significant step forward. Switzerland also joined the ranks of beneficiaries, recording substantial inflows of $8 million.
Notably, Bitcoin took center stage, attracting $27 million in inflows after weathering three consecutive weeks of outflows amounting to $144 million. Interestingly, among the multitude of assets, Bitcoin was the sole exception experiencing inflows, underscoring the enduring positive sentiment in the market. Even short-Bitcoin positions, which witnessed minor inflows of $2,000 the previous week, reverted to outflows of $2.7 million.
Altcoins also had their moment in the spotlight, with Ethereum leading the pack with $2.5 million in inflows. Uniswap and Solana followed suit with respective inflows of $0.7 million and $0.4 million, underscoring a diversified interest beyond the top cryptocurrencies.
XRP’s Monthly Chart Mirrors 2017 Bull Run
In the midst of sideways trading dominating the cryptocurrency landscape, XRP has emerged as a potential game-changer. A closer look at historical indicators on the monthly timeframe has revealed striking similarities to patterns seen five years ago.
As per Cryptoinsightsuk, a notable crypto analyst, XRP’s current behavior mirrors that of 2017 – a crucial juncture that heralded the most significant bull run in its history.
This analysis is reinforced by XRP’s recent reclamation of the 20-period and 50-period simple moving averages (SMAs) against Bitcoin on the monthly chart. Furthermore, XRP’s retreat to test the 50 SMA as support further ignites hopes of a bullish trend continuation.
Related Reading | Shiba Inu Enthusiasts Surge in Numbers as Shibarium Teaser Sparks Interest