News

February 12, 2024

Bitcoin ETFs Drive $1.1B Inflows, XRP Benefits from Positive Sentiment

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Introduction

According to the most recent CoinShares report, digital asset investment products received $1.1 billion in inflows in the past week. This brings the year-to-date inflows to $2.7 billion, with assets under management (AuM) reaching its highest level since early 2022 at $59 billion.

Bitcoin ETFs Drive $1.1B Inflows, XRP Benefits from Positive Sentiment

Focus on Bitcoin ETFs

The attention remains on the recently launched spot-based Bitcoin ETFs in the United States. These ETFs saw a net inflow of $1.1 billion last week, bringing the total inflows to $2.8 billion since their inception on Jan. 11.

XRP Inflows

XRP, the sixth-largest cryptocurrency by market capitalization, also experienced inflows. It received $0.3 million in inflows for the second consecutive week, following $0.1 million in inflows the week before. XRP's year-to-date flows now total $4 million.

Positive Sentiment for XRP

XRP appears to have benefited from the positive sentiment surrounding the approval and launch of the first Bitcoin exchange-traded funds (ETFs) in the U.S. This has sparked enthusiasm and interest in the cryptocurrency market.

XRP Price Action

At the time of writing, XRP is down 2.84% in the last 24 hours, trading at $0.518. The price reached highs of $0.5316 on Feb. 11 before sellers took a profit.

Key Levels to Watch

In the immediate term, the daily moving averages of 50 and 200 at $0.557 and $0.57, respectively, are important levels to keep an eye on. If buyers overcome these hurdles, XRP might begin its journey toward the $0.623 mark. A break and close above this critical level could imply that the bulls are back in control, with XRP potentially rising to $0.67.

On the other hand, critical support on the downside is $0.50. Given that the bears were unable to drop and sustain XRP below the $0.50 support level at the end of January, the bulls may be defending it. A close below this level might signal that the bears have the upper hand, and XRP may fall to $0.46.

About the author
Natasha Fernandez
Natasha Fernandez
About

Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

Send mail
More posts by Natasha Fernandez
undefined is not available in your country. Please try:

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News