Key Takeaways
- XRP has exhibited a modest increase of less than 1% within the past 24 hours, currently trading at $2.20 per coin.
- Institutional interest in XRP ETFs remains robust, as evidenced by continued inflows, indicating strategic positioning for a forthcoming market upswing.
XRP ETFs Demonstrate Sustained Inflows
As of the latest trading data, Ripple’s XRP has experienced a slight appreciation of under 1%, with a current valuation exceeding $2.20 per coin. This uptick follows a brief period during which XRP’s price fell below the $2.18 threshold earlier in the week, suggesting an emerging resilience in market sentiment.
Since their inception two weeks prior, interest in spot XRP Exchange-Traded Funds (ETFs) has markedly intensified. The United States currently hosts four operational XRP ETFs: Canary Capital’s XRPC, Bitwise’s XRP, Grayscale’s GXRP, and Franklin Templeton’s XRPZ.
Recent data sourced from SoSoValue illustrates that these four XRP ETFs collectively secured inflows totaling $35 million on Tuesday alone. This influx has propelled their cumulative volume to $622 million and net assets to an impressive $645 million. Such inflow trends are indicative of a positive shift in market sentiment, suggesting that institutional investors are increasingly positioning themselves for a potential rally in the near to medium term.
Conversely, retail demand appears subdued, with futures Open Interest (OI) remaining beneath the $4 billion mark since a decline observed on November 11. CoinGlass data reveals that XRP’s OI averaged approximately $3.96 billion on Wednesday, reflecting a decrease from the preceding day’s figures. Notably, XRP futures OI had peaked at an unprecedented $10.94 billion on July 22, concomitant with XRP reaching a high of $3.66; however, it has since diminished as the asset has eroded nearly 50% of its value during this timeframe.
If OI were to rebound above the $4 billion threshold, it would signal an uptick in retail demand and potentially catalyze a price surge for XRP in the immediate future.
XRP Faces Resistance Below $2.35
Analysis of the XRP/USD four-hour chart reveals a bearish trend characterized by inefficiencies, as the cryptocurrency has struggled to breach the significant resistance level at $2.35 over recent days. Following a dip to roughly $1.85 over the weekend, XRP has regained approximately 15% since that low.
As of the latest assessment, XRP is trading at approximately $2.21 per coin.
Should XRP continue its upward trajectory, it may strive toward the next daily resistance level at $2.35, which aligns closely with its 50-day Exponential Moving Average (EMA) positioned at $2.37. Beyond this point, significant resistance is anticipated around the $2.68 level.
The four-hour Relative Strength Index (RSI), registering at 58, remains above neutral territory, signaling an increasing bullish narrative among traders. Furthermore, the Moving Average Convergence Divergence (MACD) lines reside within positive territory, underscoring that buyers have maintained control throughout this week.
Conversely, should XRP fail to overcome the $2.35 resistance barrier, it risks undergoing further corrective action toward the recent low of $1.82 in the forthcoming days.
