Ethereum, Ripple, and Other Cryptocurrency Price Forecast in Asian Markets on September 10
Ethereum (ETH) has seen a 2.5% increase on Monday as it strives to bounce back from the pressure exerted by investors in exchange-traded funds (ETFs) and major holders. The selling pressure from these entities has been a challenge for the leading altcoin.
Meanwhile, Ripple (XRP) has experienced a significant decline in its reserve on Binance, one of the largest cryptocurrency exchanges. Over a span of five weeks, the XRP reserve on Binance dropped by a substantial 167 million. This decline in reserves implies a reduced number of XRP tokens available for sale, which could potentially alleviate selling pressure on the altcoin.
In the realm of crypto products, a recent report by CoinShares highlighted that crypto ETFs witnessed substantial outflows amounting to $725.7 million. This marked the highest outflows since March. The report attributed this trend to the lower-than-expected Nonfarm Payroll (NFP) report from the previous week, impacting the crypto market.
Specifically, Ethereum ETFs recorded a net outflow of $98.1 million last week. The struggles in ETH’s price performance were evident, with US spot ETH ETFs, led by Grayscale ETHE, experiencing a significant $111 million outflow. This dominance in negative flows was observed throughout the trading days of the week.
The overall sentiment in the crypto market has been influenced by macroeconomic factors. The decline in the US unemployment rate in August had a notable impact on digital asset products, recording their highest outflows since March. US Bitcoin ETFs were particularly affected, witnessing substantial outflows following the release of economic data that fell below expectations. Additionally, Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows.
These developments underscore the interconnected nature of the crypto market with external economic factors and investor sentiment. As the market continues to navigate through various challenges and fluctuations, investors are advised to conduct thorough research and exercise caution when making investment decisions in the volatile world of cryptocurrencies.
