Global #XRP

XRP, the cryptocurrency associated with Ripple Labs, is currently experiencing a prolonged period of bearish pressure, trading at $0.4937. This downward trend is part of a broader market weakness affecting various cryptocurrencies.

The cryptocurrency market continues its bearish trend on June 12, 2024, with Bitcoin and major altcoins experiencing further declines. However, the meme coin PEPE is defying the trend, showing a significant price rally.

XRP, the cryptocurrency associated with Ripple, has seen a significant surge in holders throughout June, with an estimated 100,000 new addresses joining the network. This uptick in interest has sparked discussions about the potential impact on XRP's price.

Digital asset investment products are seeing a notable increase, with a reported inflow of $2 billion. This surge is largely driven by major cryptocurrencies such as Bitcoin, Ethereum, and XRP.The capital influx suggests a growing interest in digital assets among investors.

Despite a general downturn in the broader cryptocurrency market, Ripple's XRP token is defying the trend by attracting a notable $1.2 million inflow. This contrasts sharply with Bitcoin, the leading cryptocurrency, which has seen an outflow of $904 million over the past week.

Whales holding XRP have recently acquired approximately 77 million coins from Binance within the last 24 hours, sparking speculation about its effect on XRP's price. This large-scale accumulation comes amidst XRP's recent drop below the $0.52 support level.