Popular cryptocurrency analyst Michaël van de Poppe has recently commented on the recent $XRP price explosion, suggesting it might herald a more substantial event on the horizon and telling his followers to “allocate wisely” and use a dollar-cost averaging (DCA) approach.
Van de Poppe indicated that XRP had engineered an impressive bullish breakout, offsetting an amount equal to 15 months of losses within a single day. The esteemed analyst leveraged this XRP incident to postulate a common trajectory that digital currencies could trace during a fully realized bull rally.
It’s important to note that a bullish breakout is a sudden and sustained increase in an asset’s price, often followed by consistent growth. The price of XRP is trading at around $0.68 after losing around 2% of its value over the week. Over the past 30 days the token is up 45%, and up over 103% year-to-date.
Last month, the token’s price nearly doubled after a recent ruling that saw a federal judge deem XRP is not necessarily a security, prompting investors to move into the token as it was relisted on a number of large exchanges.
In his tweet, Van de Poppe suggested investors should avoid getting “influenced by friends and social media,” and should instead “simply hold” onto their XRP tokens.
As CryptoGlobe reported, , long-Bitcoin investment products have represented 93% of the outflows of cryptocurrency investment products, while short Bitcoin products saw their 14th consecutive week of outflows. Products investing in $XRP and Cardano ($ADA), meanwhile, attracted significant inflows.
Funds investing in Cardano, Solana ($SOL), and XRP have seen significant inflows, raking in $640,000, $600,000, and $500,000 from investors last week. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows.
As reported, CCData’s latest Digital Asset Management Review report products focusing on XRP saw a 33.2% rise in inflows, taking their assets under management to $65.7 million.
Notably, the number of XRP holders with at least one million tokens on the cryptocurrency’s ledger has now surpassed the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
Featured image via Pixabay.
