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Simon Chandler
Author
Simon Chandler
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The XRP price has lifted by 1% in the past 24 hours, moving to $0.5444 as the cryptocurrency market enjoys a similar rise today.
The market rallied strongly yesterday after a difficult time last week, with XRP now up by 3.5% in the past week, although it remains down by 7% in the last 30 days.
But the past week has brought a noticeable uptick in institutional accumulation of XRP, with CoinShares’ latest Digital Asset Fund Flows report showing that cryptocurrency funds bought a net total of $1.1 million in XRP.
This marks a 266% increase over the previous week, and is also the highest level for over a month, suggesting that larger investors are taking advantage of XRP’s discounted price.
XRP Price Forecast: Rallies Expected as Institutional Investors Bet Big Despite Ongoing SEC Lawsuit
Reporting yesterday, CoinShares’ James Butterfill noted that a polling shift in recent days towards the Republicans has likely fuelled greater enthusiasm for cryptocurrencies.
This has fed into the market as a whole, yet because XRP’s position is arguably more sensitive to the current administration (because of Ripple’s ongoing legal issues) it has resulted in a marked shift in net accumulation this past week.
Indeed, what’s interesting is that XRP has witnessed net inflows at a time when institutions divested themselves of around $10 million in Ethereum (ETH).
XRP is actually the most popular crypto this week (after Bitcoin, obviously), and again this suggests that whales are taking advantage of the coin’s undervalued position.
It also marks a likely shift in perceptions of Ripple’s situation with the SEC, which a couple of weeks ago appealed against a key part of the decision Judge Analisa Torres reached in July 2023.
This appeal had badly impacted the XRP price, but with legal experts bigging up Ripple’s chances and with Ripple itself cross-appealing last week, it seems that the mood has shifted.
This finds reflection in XRP’s chart today, which finds the alt coming down a little bit in the past hour, after a strong 24 hours.
What’s particularly promising about XRP’s chart is that its 30-period moving average (orange) climbed over the 200-period average (blue) yesterday, a sign that we could be in for a few days of solid gains.
We also see XRP’s volume rise to $1.2 billion, another sign that demand is relatively high for the coin right now.
The XRP price could therefore reach $0.6 in the next month, before ending the year at $0.8.
New Presale Tokens for Big Gains
XRP could certainly witness strong rallies in the future, but its legal battles could mean that holders will be waiting a while for something truly major to happen.
In which case they may be better off diversifying into a selection of newer alts as well, since these can often rise exponentially during their initial periods of growth.
This is particularly the case with presale tokens, with one of the most promising examples of these being layer-two project Pepe Unchained (PEPU).
Pepe Unchained has now raised over $19.6 million in its very popular sale, with investors clearly gaining belief in the project and its plan to become one of the biggest ecosystems for meme tokens in the market.
Its L2 network for Ethereum will provide near-instant transactions and very low fees, with its team promising transaction speeds up to 100x faster than what you would get with the layer-one network.
This speed means that Pepe Unchained will have a faster token issuance rate, which in turn means that it will offer double the staking rewards it would have provided as a normal L1 token.
This could incentivize much greater PEPU ownership, as could the fact that the coin is necessary for paying network transaction fees.
One of its most bullish features is that it has already managed to grow a sizeable community, with its official X account boasting over 47,000 followers.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where it’s now selling at $0.00999 per token.
This price will increase fractionally several more times before the sale ends, at which point PEPU will list on exchanges, and potentially moon.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
