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XRP and LTC Funds Soar with $1 Million Inflows Amid Crypto Boom

Ripple (XRP) and Litecoin (LTC) have emerged as prominent players, ensuring significant inflows into crypto funds dedicated to these assets. According to the latest data from CoinShares, a leader in digital asset investment products, in the week ending February 16, 2024, XRP and LTC attracted $0.4 million and $0.6 million, respectively. This influx is part of a broader trend that has seen the cryptocurrency market experience record increases in funding.

Bitcoin leads as XRP and LTC attract significant investments

Flows into digital asset investment products reached a staggering level of $2.45 billion per week, unprecedented in the history of the cryptocurrency market and in investor interest in the cryptocurrency market. However, this recovery helped flows grow to a record $5.2 billion at the time of writing, suggesting a solid foundation for digital assets and investor confidence in their returns.

Assets under management (AuM) hit a high of $67 billion, the highest value since December 2021. Although Bitcoin leads the flowcharts with a share of around 99%, investments in XRP and LTC, which represent a significant portion of the total, illustrates the changing interests of investors within the crypto ecosystem.

Likewise, it has been observed that other cryptocurrencies also show spectacular movements. Ethereum, however, continues to benefit from $21 million in its net flows, despite the market trend of the entire cryptocurrency market focusing on Bitcoin. However, Solana faced challenges: after a recent outage, the protocol recorded outflows of $1.6 million, affecting investor confidence. Coins like Avalanche, Chainlink, and Polygon just received inflows of over $1 million each, suggesting that investors are seeing strong interest in digital currencies on many platforms.

Dynamics and transparency of the Ripple market

The rise of XRP and LTC funds comes at a time when the cryptocurrency market is experiencing a significant boom. XRP and LTC are currently trading at $0.56232808 and $71.2252 respectively, with market caps of $30.47 billion and $5.28 billion. These numbers place XRP and LTC as the sixth and twentieth largest cryptocurrencies, demonstrating their enduring popularity and investor confidence.

Amid the positive market momentum, Ripple CTO David Schwartz addressed concerns over the company’s handling of XRP sales. In a recent statement, Schwartz emphasized Ripple’s commitment to transparency and responsible sales practices, refuting allegations of secret XRP dumping. His comments reflect the company’s efforts to maintain open communication with investors and stakeholders, reinforcing Ripple’s stance on ethical business conduct in the face of speculative criticism.

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The analyst predicts a 39,000% increase, taking the price of XRP to $220. Find out when here

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

Crypto Eggag highlighted the $220 price level as one of the numbers that XRP price could reach based on its analysis of Fibonacci levels. Interestingly, the attached chart he shared shows that this price level could be reached this year.

Related Reading: Shiba Inu Burn Rate Sees 900% Increase Will SHIB price continue to rise?

Based on his analysis, XRP would hit “crucial numbers” such as the $1.2, $2.2, $5.8, $11, and $33 price levels before hitting $220.

The analyst assured that this price movement would undoubtedly be parabolic as he explained that it would be a GRB (Gamma-Ray Burst) event. He also noted that such a development could end up reflecting a similar development to that of the XRP price in 2017, when it increased by 61,000%.

Meanwhile, Egrag provided insight into when the XRP bull market could begin by highlighting the 12 and 24 SMA (simple moving average) as a “clear signal.” Once there is a bullish crossover above them, the bull run could take place almost a month later, according to the crypto analyst.

Steven McClurg, chief investment officer (CIO) of Valkyrie, hinted in a recent interview that an XRP ETF could hit the market at some point. His comments came as he suggested that the imminent approval of spot Bitcoin ETFs could open the door to other ETF applications centered around tokens such as XRP and Ethereum.

In response to McClurg’s interview, Fox business reporter Eleanor Terrett shared some thoughts based on conversations she had with some industry players about an XRP ETF. She explained in an article that there are “diverging views” on whether the Securities and Exchange Commission (SEC) is ready to approve a single-product XRP spot ETF.

She noted that bulls argue that the XRP token will be included in future funds, especially since it is the only digital asset with clear regulation. They also highlighted Grayscale’s decision to re-incorporate the token into the Grayscale Digital Large Cap (GDLC) fund as a positive sign that there will soon be an XRP ETF.

On the other hand, Terrett says bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or a change in government. This argument is based on their belief that SEC Chairman Gary Gensler is unlikely to change his stance on crypto assets other than Bitcoin.

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Ripple CTO David Schwartz Reveals Unexpected Truths About XRP Distribution and Supply

David Schwartz, Ripple’s Chief Technology Officer, recently shared his views on the company’s strategy regarding its XRP holdings. These revelations provide a better understanding of Ripple’s approach to managing its cryptocurrency holdings.

Ripple’s XRP Allocation

Ripple’s XRP assets are divided into two different categories. The first includes the XRP currently available in Ripple wallets. The second category includes XRP in escrow on the ledger, scheduled for release in the coming months. However, it is important to note that Ripple does not have immediate access to custodial XRP until its scheduled monthly release. In the past, a significant portion of the released XRP was returned to escrow.

XRP Holdings Decisions and Strategies

Responding to a user’s query, Schwartz explained Ripple’s options regarding its XRP holdings. In principle, Ripple can either maintain its current XRP holdings or choose to reduce them. According to Schwartz, the company planned to reduce its XRP holdings as quickly as possible. However, he questions the feasibility and potential benefits of this original strategy.

Initially, the company considered using giveaways to reduce its supply of XRP. But as XRP gained market value, there was a chance that people would take advantage of these freebies, which led to their discontinuation. Ripple has also explored alternative methods, such as B. Locked Sales and using XRP to incentivize affiliates. Ultimately, however, these strategies were similar to selling XRP directly.

Long-term vision and trusting decisions

Schwartz noted that, despite being over a decade old, Ripple is making good progress on its initial five-year plan. He also answered questions from the community about managing deposited XRP. Additionally, Schwartz expressed ambivalence toward the escrow account itself, rejecting the idea of burning the escrow stock on the grounds that it might lead to a different outcome.

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XRP Price Prediction as Correction Trend Stops at $0.57

XRP Price Prediction: Bitcoin price’s continued struggle to break the $38,000 resistance has cast a shadow of uncertainty over the market. This domino effect is noticeable in the price of XRP, which has recently entered a phase of sideways fluctuation. This trend follows the buyer stabilizing at a support level of $0.57. Currently, XRP’s price trajectory is being shaped by a symmetrical triangle pattern, a development that offers insight into its near-term outlook.

Also read: SEC meeting raises hopes for resolution of Ripple-XRP case

Triangle pattern pins recovery at $0.7

   Under the influence of a symmetrical triangle pattern, XRP price may remain sideways for the next week.

   XRP price trading above the 50% Fibonacci retracement level reflects that the overall recovery trend is intact.

   XRP intraday trading volume is $865 million, indicating a 15% loss.

Over the past fortnight, the price of XRP has traded within a limited range bounded by the converging lines of this symmetrical triangle. Notably, the cryptocurrency rebounded from these trend lines twice, underscoring the significant influence this pattern has on market behavior.

With a modest intraday increase of 0.6%, XRP price has recently recovered from the lower boundary of this pattern, now hovering around the $0.606 mark. This bullish reversal is likely to lead to a 3% rally, only to find immediate resistance at the upper boundary of the triangle.

Although bullish resistance could prolong the sideways trend, the converging nature of the pattern would ultimately result in a breakout move. If recent corrections have sufficiently revived bullish momentum, a bullish violation of the triangle’s upper trendline would mark the continuation of an uptrend.

This scenario could increase the value of XRP by 12%, reaching the key threshold of $0.7.

Support trend line maintains long-term uptrend

Although the prevailing trend is bullish, a downward break of the triangle support line could amplify the selling pressure, which could trigger an extended correction phase. In that case, the price of XRP could fall to $0.57 and possibly even further to $0.53. However, a broader perspective reveals a long-term ascending trend line that has consistently provided dynamic support to XRP, presenting buyers with a favorable downside opportunity.

   Exponential Moving Average – XRP price fluctuation around the slope of the 200-day EMA reflects the feeling of indecision among traders.

   Moving Average Convergence and Divergence: A bullish crossover between the MACD and the signal line accentuates the growing buying pressure amid the current correction trend.
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Coinbase Wallet Stops Support For Ripple (XRP), Bitcoin Cash (BCH)

Coinbase Wallet News: Citing low usage, Coinbase Wallet announced it will no longer support assets like Ripple (XRP) and Bitcoin Cash (BCH) among others. The team announced December 5, 2022 as the deadline to stop support for a total of cryptocurrencies. Users will be able to access their holdings in these assets through the Coinbase Wallet recovery phrase, it said. With this, these networks will lose support to access Dapps on the networks.