The week has certainly started positively for Ripple, as XRP has climbed above the critical $0.50 mark with asset inflows surging a remarkable 600%. Indeed, the latter denotes a reveal for the asset,, which had observed five weeks of outflows, according to a CoinShares report.
The digital asset market as a whole has been mired in uncertainty, as it has seen four weeks of total outflows. However, Ripple was one of the biggest winners of the reversal that took place today, led by Bitcoin’s $144 million in inflows. However, the asset has seemed to end its recent downturn. Specifically, XRP has fallen by more than 6% over the last 7 days, according to CoinMarketCap.
Also Read: 3 Developments Capable of Skyrocketing Ripple (XRP) for Good
Ripple XRP Reverses Trend as it Breaks $0.50
For much of this year, upward momentum has been scarce for Ripple (XRP). Indeed, the asset has struggled to gain footing in order to propel its price action upward. However, its recent performance has shown some signs of optimism. Specifically, the token has reversed what has been an ongoing trend.
Ripple (XRP) has climbed above the critical $0.50 level, while its inflows have surged 600%. Moreover, this alters the ongoing five-week outflow trend that the asset has faced. Its overall performance has aligned with a market-wide reversal, with XRP enjoying immense benefits.
Still, Ripple had notably performed better than altcoins like Ethereum. Specifically, ETH saw significant outflows take place, contrary to XRP’s impressive spike. Still, there is a long road ahead for XRP to instill the same confidence investors had in the cryptocurrency at the start of the year.
Also Read: Ripple XRP: 19 Million Tokens Moved, Bullish Momentum Ahead?
On May 6, the asset reached a high of $0.57 and has failed to approach that level again. Alternatively, over the last 30 days, the token has increased by a mere 2.7%, validating the issues it faced in formulating significant momentum.
Additionally, investors have grown concerned about the potential of a death cross forming on the asset chart. The first indication of such an event would be the XRP value breaking above the 50 and 200 moving averages.
Ultimately, the asset has two price ranges that have begun to develop. If a bullish trajectory begins to form, there could be a movement that catapults the token to $0642 or even the $0.66 level. Contrarily, continued selling would drive the asset below its current level to $0.46. Right now, XRP has seen its trading volume increase by more than 9% over the last 24 hours.
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