XRP and SOL prices may rebound on institutional support, targeting new all-time highs.
Crypto funds recorded $2.48 billion in inflows, recovering from the recent outflows amid crypto market selloffs. Institutional investors kept buying the dip in top altcoins such as Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), and Chainlink (LINK), according to the latest digital asset fund flows report on Monday.
Bitcoin also saw inflows as many took a buy-the-dip opportunity. However, Bitcoin funds recorded a net outflow in August as institutions rotate money to altcoins amid altcoin season sentiment.
Crypto funds saw inflows of $2.48 billion in a week, reported CoinShares on September 1. The inflows in August increased to $4.37 billion and year-to-date (YTD) to $35.5 billion. However, assets under management plunged 10% to $219 billion.
According to the report, inflows into Bitcoin, Ethereum, Solana (SOL), and XRP were strong throughout the week. However, it turned negative on Friday after Core PCE inflation rose to 2.9%.
Bitcoin saw $748 million in inflow last week, following $1 billion in outflows in the earlier week. This indicated buying by institutions despite selling by long-term holders, whales, and retail investors.
Moreover, the United States and Switzerland led inflows of $2.29 million and $109.4 million, respectively. Moreover, Germany, Canada, Australia, Brazil, and Hong Kong also saw inflows, signaling a broader buying pressure globally.
Meanwhile, Ethereum continued to outperform Bitcoin. ETH witnessed $1.4 billion in inflows after $440 million in outflows in the previous week.
Recent ETH buying by Tom Lee’s BitMine Immersion, SharpLink Gaming, Ether Machine, GameSquare, and other companies supported Ethereum inflows.
Institutional interest in XRP and Solana (SOL) remained high amid accumulations by whales and traders. The potential ETH launch sentiment continued to remain the primary reason behind continuous inflows.
XRP saw $134 million in inflows last week, up from $25 million in the previous week. According to Sentora, XRP saw strong momentum this year, with Ripple now introducing products and services to embark into DeFi.
Inflows into Solana grew to $177 million from $12 million in the previous week. Institutional demand for Solana stayed high in anticipation of spot Solana ETF approval by the US SEC.
Nansen revealed that smart money on Solana were scooping tokens over the past 24 hours. Solid institutional moves, major DeFi integrations, and bullish sentiment were driving factors for the Solana ecosystem.
XRP price fell nearly 2% in the last 24 hours, with the price trading at $2.76 at the time of writing. The 24-hour low and high were $2.71 and $2.83, respectively.
Popular analyst Ali Martinez suggested watching XRP price to defend the $2.70 level and wait for a break above $2.90. He added a price target of $3.70 for XRP price.
Solana price fell under $200, down 1.70% at the time of writing. The 24-hour low and high were $196.93 and $205.72, respectively.
Trading volume climbed more than 40% in the last 24 hours, indicating massive interest among traders.
Analyst Crypto Tony suggested entering Solana at $213. He added that traders must wait for SOL to flip this support to continue targeting $240-$250 range.
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