Ripple (XRP) edges higher on Friday to trade above $1.40 as bulls aim for a continuation of the rally above $1.50. The remittance token is up by more than 12% on the day and over 40% since Monday, reinforcing the bullish outlook.
Meanwhile, the path of least resistance remains upward, supported by a very strong technical structure and capital inflows through spot Exchange-Traded Funds (ETFs) and derivatives.
Bitcoin (BTC) extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history. Rising demand from institutional investors supported the rally as well, with spot Exchange Traded Funds (ETFs) set to record the highest weekly inflow year-to-date this week, hinting at further lift to the ongoing Crypto King’s rally.
The cryptocurrency market continues to rally, gaining nearly 7% over the past 24 hours to reach $2.51T. Having risen by 18% since the start of the week, the market has demonstrated a dramatic shift in investor sentiment. Since hitting a low of $2.04T in early July, market capitalisation has risen by 24%, marking the formal start of the bull market. However, a negative correlation with the Nasdaq-100 persists, where sellers remain in control despite attempts by the US Treasury Secretary to reassure investors.
Be the first to comment