XRP and Solana (SOL) traders have recorded slight wins despite tightening crypto market conditions. This month, the wider market cap hit multi-month lows, but a slew of altcoins showed green signals to start the week.
XRP Top Altcoin Institutional Gains
A new CoinShares report shows XRP and Solana led institutional gains, shaking off previous outflows. Both assets were dubbed altcoin favorites by a slew of wealth managers after recording consecutive inflows.
Per recent data, XRP funds raised $33.4 million in investor capital, bringing monthly figures to $101 million. These numbers show massive demand for the asset, although the price continues to struggle like others, sliding past multiple resistance levels.
Since January, XRP net volume has been up by $148 million amid pressure on the retail front. On the other hand, Solana recorded $31 million in inflows over the last seven days and $38 million this month.
Both assets have consistently defied the crypto market’s direction, raising long-term expectations of a turnaround. On-chain analysts continue to spot mixed signals from both assets when prices are factored. Ali Martinez wrote that in the same time frame, network activity dropped 26% alongside active addresses.
Furthermore, there are signs of a gravestone doji forming on the asset’s weekly chart. The last time it occurred, the XRP price dropped 46%. Though technicals don’t support such a fall at the time of writing, a slight negative sentiment shift would affect an expected recovery.
At the time of writing, XRP trades at $1.35, down 0.67% today, while SOL trades at $78.28, with similar movement over the last 24 hours. Overall, crypto asset volumes declined for the fourth consecutive week.
Total outlines surpassed $173 million across all coins, with Bitcoin (BTC) and Ethereum (ETH) taking major hits. Both assets recorded outflows of $133 million and $85.1 million, respectively. Macro factors, such as weaker-than-expected CPI data, improved sentiment on Friday, but bears regained positions.
The drop in Bitcoin’s price and trader sentiment has fueled deeper concerns about altcoins as the market cap struggles. Trading below $68k, retail and institutional holders have taken major losses across jurisdictions.
“Regional flows marked a significant divergence in sentiment between the US and the rest of the world. The US saw US$403m in outflows, while all other regions recorded inflows totalling US$230m, most notably Germany at US$115m, Canada at US$46.3m, and Switzerland at US$36.8m,” the report added.
Source: https://zycrypto.com/ripples-xrp-and-solana-attract-global-institutional-capital-amid-chaotic-red-crypto-month/
