XRP Takes Lead as Bitcoin Struggles to Reclaim $80K
XRP took the lead on Wednesday as Bitcoin struggled to reclaim the $80K mark. The price of XRP rose by about 3.8% to around $1.44, outperforming major cryptocurrencies like Bitcoin, Ethereum, and Solana.
The relative strength index also coincided with a bifurcation in U.S. crypto ETF flows. Spot XRP ETFs saw inflows of about $1.55 million on Tuesday, while Bitcoin saw $46.65M in outflows, followed by Ethereum's outflow of $24 million, and Solana products posting a net outflow of $667.72K.
Crypto trader Michaël van de Poppe said that Bitcoin remains range-bound but has held an important support area, keeping a potential move toward $82,700 in view. However, trader Ted Pillows pointed to weakness underneath the rebound, stating 'No spot demand for $BTC right now. Shorts are being closed, which is driving this rally.'
Glassnode data also showed that Bitcoin's spot momentum had pulled back 30% over the past week, indicating a decline in selling pressure and an increase in buying conviction.