Despite high market liquidity, XRP remained mostly stagnant on Saturday without a clear upward or downward trend. The asset saw a nearly 8% increase over the past seven days, even as persistent selling pressures affected the wider cryptocurrency landscape.
Recent data from analyst Ali Martinez of the analytics platform Santiment has revealed a notable rise in daily active addresses on the XRP network since mid-June. The number of active addresses rose dramatically from around 23,000 on June 14 to nearly 39,500 by the end of the month, marking an impressive 72% increase within just two weeks.
Institutional Demand Remains Strong
In spite of recent price fluctuations, investor interest in products linked to XRP has remained strong. Analyst Xaif Crypto highlighted that XRP exchange-traded products reported net inflows of $22.99 million last week. Among these inflows, Bitwise accounted for $16.97 million, while Franklin Templeton added another $3.97 million.
This influx of capital increased the total net asset value across XRP investment products to about $934 million, inching closer to the crucial $1 billion mark. Institutional engagement has emerged as an increasingly vital indicator for crypto investors, with sustained inflows seen as a sign of growing confidence among significant market players.
Technical Analysis Shows Potential for Recovery
Moreover, analyst Cryptollica identified XRP as currently being in one of the most oversold positions in its history according to relative strength index (RSI) metrics. The analyst opined that XRP's previous major upsweep often follows periods of marked RSI exhaustion, suggesting that the current situation might set the stage for another price surge.
Crypto analyst Javon Marks provided an even more optimistic perspective, emphasizing that many investors overlooked XRP's rapid ascent from roughly $0.50 to over $3.30. He believes market sentiment is again undervaluing the asset's potential upside, projecting possibilities of gains exceeding 1,300% if the broader altcoin market improves significantly.
As of now, XRP is trading at $1.13, reflecting a 3.35% gain within the last 24 hours.
