Bitcoin Investment Products Record First Week of Outflows Since June ETF Filing
Investment products related to Bitcoin have experienced outflows for the first time since June, when Blackrock filed for a spot Bitcoin ETF, according to a report by CoinShares. Outflows of $13 million were recorded for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Ethereum and XRP investment products, on the other hand, recorded a combined inflow of $9.2 million over the last week, with Ethereum being the best performer. Despite this, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management.
XRP Wallets Holding More Than 100 Million Tokens Surge to 199, Dominating Crypto Trade Volume and Social Conversations Despite SEC Appeal
As the SEC's appeal against Judge Analisa Torres' ruling looms, the XRP community is witnessing significant developments within the cryptocurrency's ecosystem. The number of XRP wallets holding over 100 million tokens has surged to 199, the highest level since May 13, and whale holdings have soared to $74 million, a three-month high. XRP's trade volume has also surged, making it the dominant force in the crypto market, surpassing Bitcoin and Ethereum.
XRP Price Drops Amid Rising Dollar Strength and Fed Rate Decision Awaited
XRP's price has fallen by 8% to $0.68, underperforming the crypto market's 3.5% decline on July 24. This drop is due to growing expectations that the Federal Reserve will raise interest rates by 25 basis points in its July 25-26 meeting, which is considered bad for cryptocurrencies like XRP. Traders have rotated out of high-cap cryptos to seek shelter in safer assets like the U.S. dollar, causing XRP's price to fall. From a technical standpoint, XRP has entered an overbought correction stage and may decline towards $0.59 in July or early August.
Bitcoin Investment Products See $13 Million Outflow as Investors Favor Smaller Cryptocurrencies
Last week, Bitcoin investment products experienced an outflow of $13 million, while smaller cryptocurrencies like Ether and XRP saw inflows. This trend reversal came after several major catalysts for BTC investment, including BlackRock's filing for a BTC exchange traded fund, which spurred a month-long period of rapid inflows.
XRP's Market Indicators Turn Bearish Despite Recent Price Increase and Popularity on LunarCrush
XRP has recently become the fourth largest cryptocurrency by market cap, surpassing BNB. However, its price has turned bearish, causing concern about its ability to maintain its position. Despite this, XRP remains a popular topic in the crypto community and is trending at number one on LunarCrush. However, its metrics and indicators have turned bearish, with its MVRV Ratio and network growth both declining.
ICBLA Forms Task Force to Promote Legal Clarity and Fair Practices in the Digital Asset Industry
The International Congress of Blockchain Legal Advisors (ICBLA) has been closely following the SEC v. Ripple Labs et al. case and believes the split decision provides legal clarity for XRP and other tokens to power projects without the risk of enforcement action. ICBLA's Society of Fellows has created a task force to draft proposals for blockchain and crypto entrepreneurs to navigate the changing regulatory environment. These proposals include guidelines for token classification, compliance standards, consumer protection measures, taxation guidelines, AML and CTF rules, data security and privacy regulations, interoperability and standards, and a regulatory sandbox. ICBLA aims to promote legal clarity, innovation, and fair practices in the digital asset industry while protecting businesses and consumers.
XRP Price Outlook: Bulls Eyeing $1 Amid Positive Catalysts and High Trading Volumes
XRP has been trading around $0.80 for the past week, failing to hit the $1 level despite Ripple's win against the SEC. However, rising open interest in futures contracts and high spot trading volumes suggest a new leg up is possible. Positive sentiment has also been boosted by Ripple's investment in an AI and metaverse-focused project. While a move higher is likely, a negative flip in sentiment could risk a bearish retest with primary support below $0.70.
XRP Price Surges 100% After Landmark Ruling, But Network Growth Stalls
XRP experienced a 100% price increase following a court ruling that XRP sales to retail investors do not qualify as securities in the SEC's case against Ripple. However, technical and network usage data suggest a short-term pullback. While XRP's trading interest is increasing, the number of transactions on the XRP Ledger has remained consistent for over a year, indicating a scarcity of new entities actively participating in the network. Despite this, Ripple is ramping up efforts for XRP Ledger adoption, with plans to re-establish ties with banks and participate in a $54 million investment in a metaverse project.
XRP, XLM, and LINK Lead Cryptocurrency Market Surge as Bitcoin Dominance Drops Below 50%
XRP, XLM, and LINK have outperformed other top 50 cryptocurrencies by market cap in the past week, causing Bitcoin's market dominance to fall below 50%. This has led to speculation about the possibility of an altcoin season. XRP has seen a 70% increase this month due to a favourable ruling in the Ripple vs. SEC case, while XLM has rallied by over 50% and LINK has added more than 20% to its value following the release of its CCIP protocol. Shiba Memu, a meme coin project that combines AI and blockchain technology, has raised over $1 million in its presale and could potentially see its SHMU token rally higher in the future. It is important to conduct your own research and understand the risks before making any investment decisions.
Crypto.com Offers Up to $20,000 in XRP Rewards for Trading Campaign Celebrating Ripple's SEC Victory
Crypto.com is offering up to $20,000 in XRP as rewards for its ongoing XRP trading campaign. The campaign, called the "XRP App Campaign", has two categories: Net Buy Challenge and Trading Competition, each with a $10,000 prize pool. To participate in the Net Buy Challenge, users must perform at least $5 worth of XRP net buys on the Crypto.com exchange, while the trading competition requires users to trade at least $5 worth of XRP during the campaign period. Winners will receive their rewards in XRP tokens within 30 days after the campaign ends.
