Ripple Records Significant Boost in Investment Product Inflows in May

Azeez Mustapha
2 June 2021 | Updated: 2 June 2021

According to a recent report by CoinShares, Ripple (XRP) investment products recorded a spike in capital inflows last week. CoinShares also highlighted the growing popularity of Cardano and Polkadot.

In its digital asset fund flows report, the assets manager noted that the entire cryptocurrency investment products attracted about $74 million in capital inflows last week. This investment bump comes just a week after the crypto industry witnessed a record outflow of $151 million.

XRP-based investment products attracted a total of $4.5 million worth of investment last week, compared to $3.8 million in Polkadot.

Meanwhile, Ethereum accounted for about 27% of all digital asset inflows last week. ETH-based investment products attracted investments worth $47 million over the past seven days.

While many large-cap altcoins, including Ethereum, Ripple, Cardano, and Polkadot, investment products recorded significant weekly inflows, Bitcoin-related investment inflows suffered. BTC products recorded outflows worth $4 million last week.

Additionally, XRP Ledger (XRPL) keeps growing in popularity globally as a preferred cross-border payments tool. Last month, Ripple released a report on XRP, highlighting a spike in the adoption of XRPL.

Meanwhile, Ripple has announced plans to provide NFT support on the XRPL.

Key Ripple Levels to Watch — June 2

Ripple had a roller-coaster-like price action over the last 24 hours. After a healthy bounce off the base of our pivot zone ($0.9780), XRP came across heavy resistance at the $1.1 psychological mark, which pushed it back into the pivot zone.

XRPUSD – Hourly Chart

That said, we expect the seventh-largest cryptocurrency to facilitate a rebound to the $1.1 level again over the coming hours. Currently, a fall beneath the $0.9500 seems very unlikely, given the confluence of support at that level. The bullish target for today is the $1.1 resistance followed by the $1.15 line.

Meanwhile, our resistance levels are $1.0500, $1.1000, and $1.1500, and our support levels are $1.0000, $0.9780, and $0.9500.

Total Market Capitalization: $1.66 trillion

Ripple Market Capitalization: $47 billion

Ripple Dominance: 2.8%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.