The cryptocurrency market seems to be recovering from its recent slump. Bitcoin (BTC) fell to the $100,000 mark earlier this month. The asset has since reclaimed the $109,000 price level. The global crypto market cap has risen to $3.58 trillion. Ripple’s XRP also seems to be following the market rebound. The asset has risen 0.5% in the last 24 hours, 2.2% in the weekly charts, and 371.3% since June 2024. Despite the rally, XRP’s price is down 0.6% in the 14-day charts and 4.4% over the previous month.
Cryptocurrencies Recover Amid Rejuvenated Stability
The latest market recovery comes amid decreased volatility. BlackRock recently purchased $120.9 million worth of BTC on June 9 and $336.7 million worth of BTC on June 10. The surge in institutional inflows may have boosted investor sentiment. XRP may be riding BTC’s wave.
XRP is also expected to receive a spot ETF sometime this year. The SEC’s new pro-crypto head, Paul Atkins, is likely to take a more lenient approach to the crypto space. We may receive several crypto-based ETFs later this year.
AI Predicts XRP’s Price For June 15
According to CoinCodex analysis, Ripple’s XRP token may face a slight correction over the next few days. The platform anticipates the asset to trade at $2.26 on June 15. XRP’s price will face a 1.74% dip if it falls to the $2.26 target. CoinCodex predicts XRP will pick up steam after a drop. The platform anticipates XRP to hit $2.70 by August end.
Also Read: Ripple Outlook: Where Will XRP Be in 3 Years?
There is a chance that XRP will rise to new heights later this year. The project may experience a surge in institutional inflows if the SEC approves a spot ETF. Institutional money is key in the trajectory of an asset’s price.
Credit: Source link
