• XRP accumulation intensified in the first week of the year

• Investors bank on Ripple’s win against the SEC

• XRP has gained stability above $0.31, and the price could surge from here

If you have been following Ripple (XRP/USD), you already know its case with the SEC continues to be important. Investors have priced XRP depending on the direction of the case. However, the latest CoinShares report shows that institutional investors are banking heavily on a Ripple win.

According to CoinShares, the first week of 2023 saw $3 million in inflows into XRP. On the other hand, investors exited $6.5 million and $3 million from Bitcoin and Ethereum, respectively. This could be positive news as it shows how much trust the market has developed in XRP. According to CoinShares, the inflows reflected improved clarity on Ripple’s case with the SEC. But despite this positive development, XRP-associated investment products recorded $9.7 million worth of outflows.

From a fundamental perspective, we could argue that it is still a double-edged sword for XRP as the case drags on. There are positives to pick from the latest institutional inflow, with the settlement expected in the current first quarter. The technical outlook also supports a potential XRP accumulation of around $0.31.

XRP gains stability above support at $0.31

XRP/USD Chart by TradingView

A price outlook shows XRP is pushing higher after settling and consolidating above $0.31. The momentum has improved but remains weak. The MACD indicator is yet to cross above the neutral zone.

However, the volume indicators would be a little bit exciting. A spike in buy-side volumes suggests that buying is ongoing for XRP above $0.31. The previous bullish pin bar acts as the buffer against the bear pressure for XRP.

Will XRP become bullish?

XRP has a chance to become bullish if the price holds steady at the current level. The upside is likely to continue in the short and medium term to the $0.4 resistance. The ongoing case with the SEC will determine if XRP price sustains the recoveries.

Where to buy XRP

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy XRP with Binance today

A leading crypto analytics firm says institutional investors appear to be buying bulk into global payments platform Cardano (ADA).

In a new tweet, IntoTheBlock says that the volume of ADA’s on-chain transactions greater than $100k has increased by 50x in 2022 alone.

“Yesterday, a total of 69.09 billion ADA were moved in these large transactions, representing 99% of the total on-chain volume.”

Source: IntoTheBlockl/Twitter

Cardano is a blockchain platform supporting its native cryptocurrency ADA for global payments. It also supports non-ADA native assets. Cardano allows people to send and receive funds instantly and for minimal fees. It also allows developers to build smart contracts and decentralized applications.

The Ethereum (ETH) competitor has been on a hot streak recently after months of bearish price action. ADA is up more than 12% in the past seven days and nearly 29% from where it was priced one month ago.

The 8th-ranked crypto asset by market cap is trading at $1.20 at time of writing and is up 0.52% in the past 24 hours. ADA is still down more than 61% from its all-time high of $3.09, which it hit in early September of last year.

Widely-followed crypto analyst Michaël van de Poppe tells his 579,100 Twitter followers that he thinks Cardano could be about to run into price resistance.

“Taking liquidity and running upwards here into resistance. Might continue towards $1.45, but wouldn’t chase a long here.”

Source: IntoTheBlockl/Twitter


Featured Image: Shutterstock/Art Furnace

After witnessing a steady fall for a considerable period, the price of Bitcoin has started going up in the last couple of days. The price of Bitcoin (BTC) was up by 2.21 per cent and was trading at $51,028.63 at 10:30 am IST, while its dominance in the crypto market is currently at 40.21 per cent, down by 0.05 per cent in the last 24 hours.

Ethereum (ETH) was trading at $4,063.65, with a rise of 1.14 per cent in the last 24 hours, while Binance Coin (BNB) was up 1.13 per cent over the same period and was trading at $547.48. Solana (SOL) rose by 3.39 per cent to $199.27 and Cardano (ADA) was up by 4.02 per cent to $1.48. 

Meme Coins

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have been witnessing a price rise in the last 24 hours. 

Dogecoin was up by 1.75 per cent while trading at $0.1903 at 10:30 am. Rival Shiba Inu was also up by 2.91 per cent and was trading at $0.00003823, Dogelon Mars rose by 5.98 per cent and was trading at $0.000001652, while Samoyedcoin was trading at $0.0439 and recorded a rise of 4.31 per cent.

Some crypto meme coins that have been themed on Christmas were seen riding on festive cheer last week.

Overall Scenario

The global crypto market cap was $2.40 trillion, registering an increase of 2.41 per cent in the last 24 hours, while the total crypto market volume was $71.57 billion, down by 5.82 per cent.

Tipsy Santa (TIPSY) became the biggest gainer, recording a rise of 806.56 per cent; it was trading at $0.00006036 at 10:30 am. On the other hand, PAPPAY (PAPPAY) witnessed maximum loss, falling 83.61 per cent; it was trading at $0.0000008189.

Latest Updates

Lord Philip Hammond, Former British Chancellor has advised investors to be “extremely cautious” about investing in cryptocurrencies, including Bitcoin and Ethereum, Bitcoin.com reported.

Swadeshi Jagran Manch, an economical and cultural organisation affiliate to Rashtriya Swayamsevak Sangh (RSS) on Sunday, passed a resolution demanding  a complete ban on buying, selling, investing and otherwise dealing in cryptocurrencies by any person in India, PTI reported.