Cryptocurrency Market Update: XRP Surges, Investment Inflows Rise

XRP Rockets to New Heights

XRP has emerged as the standout performer of the month, with its price quadrupling recently. Its market capitalisation now nears $150 billion, surpassing Tether and Solana. After hovering briefly above $2.9 in early 2018, XRP has now found stability around $2.6, a level last seen almost six years ago. However, a correction at this level may be on the horizon.

Anticipation for Regulatory Developments

Market watchers are eagerly awaiting potential changes at the SEC, which could lead to a resolution of the lawsuit against Ripple. Furthermore, the expansion of crypto ETFs for XRP-related products is anticipated to drive further market activity.

Global Investment Inflows Increase

According to CoinShares, cryptocurrency fund investments saw a $370 million increase last week, following a record inflow of $3.124 billion the week prior. Bitcoin investments declined, while Ethereum and XRP witnessed notable upticks in investment. This positive trend has persisted for eight consecutive weeks.

Bitcoin Supply Shortage Continues

Bitcoin balances on major exchanges are dwindling to all-time lows, with long-term holders refraining from selling. This scarcity is exacerbating the supply shortage, according to insights from 10x Research.

Ethereum’s Bullish Signals

Ethereum is displaying a bullish pattern reminiscent of Bitcoin before its November rally, as noted by CoinDesk’s analyst Omkar Godbole. The cryptocurrency appears to have concluded an eight-month correction phase, signaling potential upward momentum.

MicroStrategy’s Bitcoin Purchase

MicroStrategy recently acquired an additional 15,400 BTCs for $1.5 billion, bringing its total Bitcoin holdings to 402,100 BTC. This purchase was financed through the sale of company shares, signaling continued confidence in cryptocurrencies among institutional investors.