Key Notes
- Technical indicators, including a bullish pennant and reclaimed support, point to increasing upward momentum for XRP’s price.
- Rising institutional demand and newly launched U.S.
- spot XRP ETFs continue to record strong inflows.
- On-chain data also shows Binance’s XRP reserves dropping to around 2.7 billion tokens, which can be positive for price rally.
With 17% upside over the past week, Ripple’s native crypto XRP
XRP
$2.21
24h volatility:
1.5%
Market cap:
$133.53 B
Vol. 24h:
$3.24 B
is showing strength, with market experts turning optimistic on rising XRP ETF demand.
The XRP price chart hints of a breakout, with signs of the recent convergence ending soon.
XRP Price Rebound Hints at Next Breakout
Amid the broader crypto market consolidation, the XRP price is currently trading at $2.20 level. Popular crypto analyst CW stated that XRP’s brief move below a key convergence zone was a fake breakdown.
This move triggered confusion and prompted premature selling from traders expecting a deeper decline.
According to the analyst, XRP quickly recovered after the downside move, signaling that the breakdown lacked technical confirmation.
CW added that the convergence pattern is nearing completion. He expects the XRP price to rally once the token breaks decisively above the trend convergence.
Another crypto analyst, BATMAN said XRP price is showing renewed strength after reclaiming a key support level. The analyst cited breaking out of a bullish pennant formation, a pattern typically viewed as a continuation signal.
BATMAN noted that the structure supports an aggressive bullish stance. He said that the breakout suggests a “textbook” entry point for traders seeking upward momentum.
XRP ETF Inflows Can Add Further Fuel
The launch of spot XRP ETFs in the U.S. market this month has met with a good response.
Players like Grayscale, Bitwise, and Franklin Templeton have already recorded strong inflows for their respective ETFs, since launch. Joining the bandwagon, 21Shares will also bring its XRP ETFs into the US market on December 1.
This shows that the institutional demand for the Ripple cryptocurrency remains strong.
XRP community experts like Chad Steigraber believe that ETF funds will do relentless buying during the first year, leading to a supply crunch.
XRP reserves on Binance have fallen rapidly as long-term and institutional buyers continue to accumulate the token.
Analysts note that extended consolidation phases in XRP, followed by breakouts above key moving averages, have historically preceded strong price moves.
Latest on-chain data shows Binance’s XRP holdings near 2.7 billion tokens, marking a significant drop from early-October levels, as per data from CryptoQuant.
XRP exchange reserves. | CryptoQuant
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/xrp-price-convergence-to-end-soon-will-ripple-etf-inflows-trigger-breakout/
