XRP Price Analysis: The Crypto Asset is Grabbing investors’ dollars away from the ETH

  • After a long period of downtrend over the daily graph, it looks like the bulls have come forward.
  • The crypto asset is grabbing investors’ dollars away from the ETH.
  • The XRP/BTC pair is at 0.00001319 BTC with a loss of 1.35%.

The XRP Ledger is an open-source, permissionless, and decentralized technology. Benefits of the XRP ledger include its low cost, speed, scalability, and inherently green attributes. The XRP Ledger presents a wide variety of applications and uses cases related to payments including micropayments, DeFi, and soon NFTs.

After a long period of downtrend over the daily graph, it looks like the bulls have come forward to support the coin. The battle between the bulls and the bears is going as a result we can observe a sideways channel over the daily graph. To overcome this channel the coin needs to attract more buyers. The XRP ranks #7 in the present cryptocurrency market. As the bears are not the spectators here, hence they are trying their best to push the coin down. The coin fell way too low after its all-time high and is currently trading in cents as a result of the bearish rally.

The current price for one XRP coin is trading at $0.39 with a loss of 3.98% in its market capitalization in the last 24 hrs. The coin has a volume of 1.2 billion with a gain of 3.98% in the 24 hrs trading session and a market cap of 18 billion which is at a loss of 3.90% in it. The volume market cap ratio is 0.06508.

A new survey conducted by digital asset investing firm CoinShares is revealing three crypto-assets attracting investment fund manager capital away from Ethereum.

In the latest CoinShares’ May 2022 survey, the digital asset investment firm says XRP, Cardano and the native token of Polkadot are all attracting more investors’ dollars as allocations to ETH move in the opposite direction.


According to the CoinSHares’ bi-month survey, a little over 20% of the investors have allocated the ETH, down from around 25% registered during the previous March survey. In the case of XRP, the number of investors allocating funds to it has risen to about 6% from around 4% recorded in the March survey.

Conclusion

After a long period of downtrend over the daily graph, it looks like the bulls have come forward to support the coin. The coin fell way too low after its all-time high and is currently trading in cents as a result of the bearish rally. If the bulls continuously put effort into the coin, it may recover soon.

Technical levels

Resistance levels: $0.42 and $0.50.

Support levels: $0.35 and $0.30.

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.